Battery metals player Australian Mines fires back at ASX query
Advanced nickel cobalt explorer Australian Mines has provided a lively rejoinder to an ASX query over its Twitter activity.
The Twitter post in question (below) implies that Australian Mines (ASX:AUZ) boss Benjamin Bell had met with representatives of global lithium-ion battery maker and established nickel and cobalt offtake partner SK Innovation.
It loosely coincided with a 28 per cent share price increase from 3.9c to an intraday high of 5c on Friday November 2.
The ASX asked whether any confidential information about the company and its business was discussed, which would be in breach of listing Rule 3.1.
Listing Rule 3.1 requires a listed company to immediately give the ASX any information that could have a material effect on the share price.
Australian Mines company secretary Oliver Carton said it was difficult to understand how a picture of SK Innovation’s building in Korea, with the caption in question, could infer that Mr Bell was there discussing unpublished confidential price sensitive information — let alone what that information was.
— Australian Mines Ltd (@AUZMines) November 1, 2018
“The conversation between the Australian Mines and SK innovation representatives were limited to the logistics for the dinner with the Australian Ambassador and Premier of Queensland, including who from SK innovation would be attending this function,” Mr Carton says.
“There was also some minor discussion regarding the enormous number of Starbuck coffee houses in Korea compared to Australia, and the difference between Japanese and Korean architecture across Seoul.
“The topic of weather was also raised as Mr Bell arrived at the meeting without an umbrella and it was expected to rain in Seoul that afternoon.”
The company also confirmed that a draft of the Sconi Bankable Feasibility Study announcements would be provided to the ASX “on or about 14 November”.