Why Alumina, Pilbara Minerals, QANTM, and Ramelius shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) is having a better day on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,719.9 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are climbing:

Alumina Ltd (ASX: AWC)

The Alumina share price is up 8% to $1.27. This morning, Alumina entered into a scheme implementation deed with Alcoa Corporation. This is in relation to the recently announced proposal for Alcoa to acquire 100% of Alumina by way of a scheme of arrangement for 0.02854 Alcoa shares for each Alumina share held.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up almost 4% to $4.15. This follows news that the lithium miner has signed a new offtake agreement with Sichuan Yahua Industrial Group (Yahua) for the supply of spodumene concentrate from the Pilgangoora Operation. Yahua is a leading lithium chemicals company and one of the largest lithium hydroxide producers globally. It supplies to companies such as Tesla, LG Energy Solutions, LG Chem, and CATL.

QANTM Intellectual Property Ltd (ASX: QIP)

The QANTM share price is up 15% to $1.60. Investors have been buying the intellectual property services company’s shares after it received another takeover offer. A non-binding indicative offer has been tabled from Adamantem Capital to acquire QANTM for $1.817 per share by way of a scheme of arrangement. This is higher than an offer received last month from Rouse International.

Ramelius Resources Ltd (ASX: RMS)

The Ramelius share price is up 4% to $1.56. This follows the release of the gold miner’s 10-year plan for the Mt Magnet mine. Management estimates average annual production of 150,000 ounces with an all-in sustaining cost (AISC) of $1,600 to $1,800 per ounce. Though, for the first 3.5 years it expects a lower AISC of $1,250 to $1,450 per ounce.

The post Why Alumina, Pilbara Minerals, QANTM, and Ramelius shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price jumps on deal with Tesla supplier
• Why are short sellers shifting into ASX blue chips and out of lithium losers?
• These are the 10 most shorted ASX shares
• Why these 3 ASX 200 shares grabbed the Motley Fool’s headlines this record-breaking week
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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