The Element 25 Ltd (ASX: E25) share price is soaring today. The move comes after the Australian miner announced a promising development regarding its Butcherbird manganese project this morning.
At the time of writing, the Element 25 share price is up 17.5% at $1.41, having hit a high of $1.49 this morning.
New development in manganese project
In case you haven’t heard of it, manganese is a fairly comment element found around the world. However, it is critical to the production of steel and batteries.
And as batteries and renewable energies become more and more popular, the need for manganese is becoming ever more demanding.
The Australian miner holds the biggest onshore resource in the country — the Butcherbird manganese project in Pilbara, Western Australia.
This morning, the company proudly announced it was back on its feet and running after conducting logwasher repair and engineering modification tasks that were scheduled for late last month.
The company reported a failure in the logwasher shaft on 18 November last year, which affected production.
Production levels above normal
The miner also reported an increase in production since the repair halt, hitting a daily production record of 1,209 tonnes on Monday.
Modifications for plant efficiency were also undertaken during the halt, including improved access to the plant (for future maintenance and operations), reducing noise and dust pollution, and managing over-wear of the key components of the plant.
Looking ahead, Element 25 is focused on delivering continued manganese production through Q1 FY22.
Element 25 share price snapshot
The Element 25 share price was fairly quiet up until the beginning of the pandemic.
In just one year, shares jumped from 11 cents to $2.68 — an increase of 2,336%.
The miner’s share price dropped back to a 52-week-low of $1.01 last month but has since rebounded by more than 40%.
The company has a market capitalisation of $183 million.
The post Here’s why the Element 25 (ASX:E25) share price is rocketing 18% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Alice de Bruin has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.
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