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The Medical Developments International Ltd (ASX: MVP) share price was a strong performer on Thursday.

The healthcare company’s shares closed the day a sizeable 5% higher at $7.18.

This means the Medical Developments International share price is now up 35% since the start of November.

Why did the Medical Developments International share price storm higher?

As well as getting a boost from improving investor sentiment, the Medical Developments International share price was given a lift today from the release of an announcement relating to its capital raising.

In December, the company announced a $30 million capital raising. These funds were to be used to accelerate the commercialisation of its Penthrox “green whistle” product in Europe, to strengthen the depth and breadth of its team, and to complete clinical and other studies.

Its commercialisation strategy is being led by two new appointments from biotech giant CSL Limited (ASX: CSL) – Gordon Naylor (incoming Chairman) and Brent MacGregor (CEO).

Medical Developments International’s capital raising comprised a $25 million institutional placement and a $5 million share purchase plan. Both were being undertaken at $6.50 per new share, which represented an 8.5% discount to its last close price at the time of announcement.

The institutional placement successfully completed in December and the share purchase plan was finalised today. However, due to strong demand for the latter, the company has raised more than it set out to do.

According to its release, the company received applications totalling $11.768 million from eligible shareholders. In light of this, it has elected to accept the oversubscribed amount, bringing its capital raising to a total of approximately $36.8 million.

This means approximately 1,810,412 new shares will be issued on 27 January 2021, representing approximately 2.61% of its shares on issue.

With the Medical Developments International share price closing the day at $7.14, those new shares are already in the money by just under 10%.

More reading

• Why the CogState (ASX:CGS) share price shot 8% today
• Why the Genetic Signatures (ASX:GSS) share price surged 6% higher today
• 3 reasons why Soul Patts (ASX:SOL) is a great ASX dividend share
• Top brokers name 3 ASX shares to sell today
• What a dramatic day in the US could mean for ASX shares in 2021

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and Medical Developments International Limited. The Motley Fool Australia has recommended Medical Developments International Limited. 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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CogState Limited (ASX: CGS) shares performed well today after the company released its second quarterly report for FY21. At the market’s close, the CogState share price was trading 8.3% higher at $1.105. 

What drove the CogState share price?

The CogState share price was on the rise today after the company posted strong results for the second quarter of FY21. During the period, CogState executed $14.3 million in sales contracts. This took total sales contracts for the 2020 calendar year to $41.7 million.

In regards to the health provider’s cash flow, CogState recorded inflows of $13.95 million for the quarter, including net operating cash inflow of $15.5 million. Contributing to these numbers were cash receipts of $22.3 million received from customers and the one-off payment from Japanese pharmaceutical company Eisai.

Moreover, due to the significance of the agreement with Eisai, CogState is working with its advisors on the appropriate accounting treatment for the agreement. As such, audited half year revenue results will be included with the financial statements for the period ended 31 December. These are scheduled to be released on 25 February 2021 and will include details of the non-refundable cash payment Eisai paid to CogState for a global license agreement.

Business update

CogState’s overall results for the December half were strong, exceeding the company’s own expectations. During the half year, CogState executed sales contracts with existing customers in addition to first-time agreements with several new customers. In the context of restrictions relating to the pandemic, CogState advised it was particularly pleased with its success surrounding new customers.

The company’s FY21 second quarter result represented 72% growth on the prior quarter but was 26% less than the previous corresponding period. However, the previous corresponding quarter included execution of large, phase III Alzheimer’s disease contract with a total value in excess of $13 million. In comparison, the largest contract executed by the company in the December 2020 quarter was under $5 million.

Including today’s gains, the CogState share price is currently trading 121% higher than this time last year.

More reading

• What’s moving the Cogstate (ASX:CGS) share price today?

Motley Fool contributor Daniel Ewing 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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The Genetic Signatures Ltd (ASX: GSS) share price has been pushing higher with the market today.

In afternoon trade the specialist molecular diagnostics company’s shares are up 3% to $1.96.

Though, at one stage today, the Genetic Signatures share price was up as much as 6% to $2.02.

Why did the Genetic Signatures share price jump higher today?

Investors were buying the company’s shares following the release of a second quarter update that revealed further strong sales growth.

According to the release, Genetic Signatures delivered a 738% increase in quarterly revenue to $8.2 million. This led to the company reporting record unaudited half year revenue of $18.7 million, which was up 638% on the prior corresponding period.

This impressive growth has been driven largely by strong demand for its COVID-19 testing kits. Genetic Signatures designs and manufactures a suite of real-time Polymerase Chain Reaction (PCR) based products for the routine detection of infectious diseases under the EasyScreen brand.

Pleasingly, this strong sales growth led to the company achieving its second consecutive cashflow positive quarter. It added $4.1 million in net cash from operating activities, including its $2.6 million R&D tax refund.

At the end of the period, the company had a cash balance of $36.3 million and no debt.

Management commentary

Genetic Signatures’ CEO, Dr John Melki, commented: “We pleased to report record half year revenue and a second quarter of positive cash flow. The recent supply agreement with Boston Medical Center has already seen two orders fulfilled, while a second US-based customer has been acquired. The investments made in personnel and warehousing facilities provides a strong foundation for Genetic Signatures as our team continues to pursue active leads in the North American market.”

“Recent developments in the United Kingdom, as well as localised outbreaks in Australia, have shown broad testing remains a pivotal tool in responding to COVID-19. We see strong demand continuing in the future as governments pursue various testing strategies. Genetic Signatures remains focused on both ensuring the consistent and reliable supply of test kits to support these ongoing measures and introducing these customers and others to the benefits of the broader EasyScreen suite of diagnostic tests.”

More reading

• Why the Genetic Signatures (ASX:GSS) share price is rocketing 25% higher

Motley Fool contributor James Mickleboro 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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There are some key reasons why Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) is a popular ASX dividend share. This business is also called Soul Patts, for short.

What is Soul Patts?

Soul Patts is an investment conglomerate that has been listed since 1903.

Its leadership has consisted of successive family members who value the history of the company.

More than 40 employees have worked for the company for over 50 years. Five generations of the Pattinson family have served the company, as have three generations of the Dixson, Spence, Rowe and Letters families.

The company started out as an Australian pharmacy business. It still has indirect investment exposure to pharmacies with an investment in Australian Pharmaceutical Industries Ltd (ASX: API).

Here are some reasons why Soul Patts is an interesting ASX dividend share:

Diversified portfolio

A diversified portfolio means that the diversification may be able to lower risks when it comes to specific company risk or industry risk.

Soul Patts is invested in a variety of different industries such as telecommunications, building products, resources, listed investment companies (LICs), agriculture, swimming schools, financial services, healthcare, pharmacies and electrical and electronic products.

Those industries are represented by both ASX shares and non-ASX and unlisted companies. Its listed holdings include TPG Telecom Ltd (ASX: TPG), Brickworks Limited (ASX: BKW), API, New Hope Corporation Limited (ASX: NHC), Bki Investment Co Ltd (ASX: BKI), Milton Corporation Limited (ASX: MLT), Clover Corporation Limited (ASX: CLV) and Palla Pharma Ltd (ASX: PAL).

Some of the non-ASX share businesses include Round Oak Minerals, Apex Healthare, Ampcontrol and Aquatic Achievers.

Investment style

Its objective is to deliver superior returns to our shareholders by creating capital growth along with steadily increasing dividends.

Soul Patts is a long-term investor with a broad mandate. The flexible mandate allows Soul Patts to invest in companies at an early stage and grow with them over the long-term.

Its approach is to be counter cyclical and be focused on value. For example, it recently made its investment into agriculture at a time when Australia was going through one of its worst droughts.

Soul Patts described itself as a trusted partner that actively assists its portfolio companies in accessing growth capital and undertaking strategic acquisitions.

The ASX dividend share has been a long-term investor in TPG, ever since it was a much smaller company. The New Hope investment was another time Soul Patts invested in a business when it was much smaller.

Long-term dividend record

Soul Patts has two different dividend records.

One of the records that the ASX dividend share likes to tout is that it has increased its dividend every year since 2000. That actually means that Soul Patts has the longest dividend growth streak on the ASX. Ramsay Health Care Limited (ASX: RHC) used to have a strong dividend record too, but that ended in 2020 due to COVID-19.

The other dividend record that Soul Patts has is that it has paid some sort of dividend every year going back to 1903, including through world wars, recessions and the Spanish Flu.

Soul Patts funds its growing dividend from its investment portfolio income. Businesses like TPG and Brickworks provide the bulk of the money used to fund the growing dividend. The rest of the net cashflow is re-invested into other opportunities for more growth.

In terms of the current dividend yield at the current Soul Patts share price, it has a trailing grossed-up yield of 3%. If the FY21 dividend is 62 cents per share, then it has a forward grossed-up dividend yield of 3.1%.

More reading

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• Why Frontier Digital Ventures, JB Hi-Fi, Regis, & Tyro are dropping lower
• Here’s why the Regis Healthcare (ASX:REG) share price is crashing 11% lower
• 3 top ASX dividend shares to buy for income

Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Clover Limited. The Motley Fool Australia owns shares of and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. 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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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Blackmores Limited (ASX: BKL)

According to a note out of Citi, its analysts have retained their sell rating and $60.50 price target on this health supplements company’s shares. While the broker believes that Blackmores’ earnings are likely to have bottomed in FY 2020, it is waiting for evidence of this before becoming more positive on the company. Especially given the difficulties it has been facing in the key China market. Citi appears concerned this could stifle its top line growth. The Blackmores share price is trading at $71.95 today.

Commonwealth Bank of Australia (ASX: CBA)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating but lifted their price target on this banking giant’s shares to $78.50. According to the note, the broker is expecting the banks to outperform the market this year. However, it sees more value in other banks and feels Commonwealth Bank’s shares have now peaked following their recovery over the last three months. In light of this, the broker is sticking to its underweight rating for now. The CBA share price is fetching $85.23 this afternoon.

Scentre Group (ASX: SCG)

Analysts at UBS have downgraded this shopping centre operator’s shares to a sell rating with an improved price target of $2.58. According to the note, the broker made the move on valuation grounds following a strong rise in the Scentre share price since the start of November. UBS believes that the retail re-opening trade has now played out and its shares have peaked. The broker also has concerns over occupancy rates due to COVID-19. The Scentre share price is trading at $2.82 on Thursday.

More reading

• 4 ASX shares picked for returns in 2021 by brokers and fundies
• Aussies ready to splash on travel, entertainment, cars
• Leading brokers name 3 ASX shares to sell today
• ASX dividends: Are miners the new bank shares?
• Pendal (ASX:PDL) posts $5 billion increase in FUM

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. 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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At 4 am this morning (our time), Joe Biden took the oath of office to become the United States of America’s 46th President. President Biden’s term runs until 20 January 2025.

Regardless of personal feelings or political views, this change is a monumental one. A new administration means new domestic policies for the US economy. This includes new paradigms in foreign relations for the United States.

For this reason, there will be some new angles for ASX investors to consider today as a new post-Trump era begins.

President Biden has apparently already hit the ground running. According to reporting in The Guardian today, Biden has already signed a raft of ‘game-changing’ executive orders on his first day as president. These include mandating the use of face masks across all federal government properties and re-entering the US into the Paris Climate Accord.

Regarding the latter, the report notes that, as President, Biden will be able to “unilaterally limit fossil fuel development on federal lands”. His administration will also be able to mandate “tougher rules for fuel efficiency in cars and trucks”. Tougher congressional action on climate change appears off the table for now.

The 2 chambers of congress remain very evenly divided. So expansive legislative action looks to be a tough ask at this point. Even so, Biden is set too “reverse ‘more than 100’ climate-related policies enacted by Trump” via executive action.

US stimulus set to be debated

Another one of the new president’s goals looks set for an interesting arena over the coming weeks.

Last week, we discussed the details of Joe Biden’s newly-proposed US$1.9 trillion stimulus package. This package reportedly is a priority for the new administration. It may find its way through the close dividend congress, given that the Democratic Party assumes a technical majority in the Senate today.

An economic priority for the Biden Administration is a new round of infrastructure spending. Reporting from CNN tells us that a large infrastructure bill is likely to be a close second priority behind Biden’s coronavirus stimulus package.

CNN notes that infrastructure spending tends to have high levels of bipartisan support in congress. It also notes that any package will probably include funding for traditional infrastructure like roads, railways and bridges. In addition, more modern infrastructure like 5G networks may be included.

Is ‘reflation’ on the cards for the US?

So what does all this mean for ASX investors?

Well, the US is still the largest economy in the world. As such, any significant spending measures that give the US economy a sugar hit bode well for the Australian economy as well. If the large stimulus package is passed, it will also likely give the US share markets a boost as well. That’s always good news for ASX investors in turn.

This view is backed up by an analysis of the inauguration from BetaShares. BetaShares reckons that increased levels of stimulus, enabled by Democratic control of Congress, has the potential to lead to a ‘reflation’ of the US economy.

That would see inflation rise.  In turn, we could see interest rates ‘normalise’ from their current near-zero levels. If that does come to pass, BetaShares expects it will benefit the entire US market, albeit at the expense of the biggest tech companies:

More economically-sensitive companies with near-term cash flows can become increasingly attractive to investors. This could potentially see a renewed and sustained rotation away from the mega-cap tech companies towards the broader market.

A caveat to keep in mind though: the stimulus will likely increase the already-massive US deficit further. This could lead to a weakening of the US dollar. In turn, this will cause our dollar to commensurately rise. That’s not such good news for the Aussie economy. 

New infrastructure spending might be coming too

Turning away from the macro now. If the US does pass an infrastructure spending package, it will likely be good news for a dominant sector of the ASX resources.

Infrastructure requires large amounts of steel and other commodities. Even if the US chooses to pursue a ‘buy American’ policy, new infrastructure spending definitely won’t hurt the global iron ore price for example.

Thus, any new infrastructure spending will likely benefit ASX giants like BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG).

However, it’s possible that the Biden administration’s position on fossil fuels might hurt some other ASX resources companies.

We’re talking about companies like Woodside Petroleum Ltd (ASX: WPL) or Whitehaven Coal Ltd (ASX: WHC). Government-wide attitudes like what Biden is promising a have far-reaching effects, and investors would probably do well to keep this in mind.

In turn, this new attitude could help ASX renewable energy shares like Tilt Renewables Ltd (ASX: TLT). Even more so if the new administration’s attitude prompts our own Federal Government to ramp up action on climate change.

Foolish takeaway

Changes of government in the world’s largest economy can have wide-reaching and hard-to-gage consequences.

Thus, I think every ASX investor should take note of what is happening over in the US right now.

It could well influence where the ASX goes over the next 4 years and beyond!

More reading

• ASX 200 rises 0.4%
• 4 ASX shares picked for returns in 2021 by brokers and fundies
• ASX 200 up 0.5%: BHP’s update, PolyNovo jumps, Ansell impresses
• BHP (ASX:BHP) share price in focus following first half update
• 2 outstanding ASX dividend shares to buy

Motley Fool contributor Sebastian Bowen 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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It has been a positive day of trade for the Megaport Ltd (ASX: MP1) share price on Thursday.

In afternoon trade the global elastic interconnection services provider’s shares are up 4% to $12.63.

At one stage today the Megaport share price was up as much as 7% to $12.98.

Why is the Megaport share price charging higher today?

The catalyst for the solid rise in the Megaport share price today has been a broker note out of Goldman Sachs this morning.

According to the note, the broker has upgraded the company’s shares to a buy rating with a $15.00 price target.

Even after today’s solid gain, this price target implies potential upside of approximately 19% for Megaport’s shares over the next 12 months.

Why did Goldman Sachs upgrade Megaport’s shares?

Goldman Sachs made the move in response to its recent second quarter update. It notes that the company delivered a result largely in line with its expectations.

And while it acknowledges that new customer growth was weak, the broker attributes this to a combination of COVID-19 in the Northern Hemisphere and the US presidential election.

Instead, Goldman thinks that investors should be focusing on two key underlying trends that remain robust. These are the number of services per customer and its average revenues per user, which are both increasing.

In addition to this, the broker was pleased to see management reiterate that it expects to be operating cash flow positive consistently from the fourth quarter. Given its strong balance sheet, Megaport should comfortably make it to profitability without a capital raising.

Looking ahead, thanks to strong demand for public cloud infrastructure and the broadening of its product suite, Goldman is very positive on its growth outlook and is forecasting revenue to grow from $58 million in FY 2020 to $149.5 million in FY 2023.

What about its valuation?

Goldman acknowledges that Megaport’s shares aren’t conventionally cheap, but it still sees a lot of value in them.

It explained: “While MP1’s does not screen as absolutely cheap (refer Exhibit 4), we believe its multiple reflects (1) a scarcity of opportunity for investors in Australia to get exposure to the public cloud adoption theme, (2) its competitive landscape being relatively more benign than peer group, and (3) its structural tailwinds having more visibility and resilience than its peers (i.e. public cloud migration a global theme). We note that MP1 is now also trading at the lower end of its historical EV/Sales range.”

More reading

• Why Megaport, Netwealth, PointsBet, & Zip shares are racing higher
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today
• ASX 200 up 0.5%: BHP’s update, PolyNovo jumps, Ansell impresses
• ASX 200 rises 1.2%

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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The Syrah Resources Ltd (ASX: SYR) share price is surging higher today after the company released its December quarterly report and presentation.

Shares in the miner are currently trading 7.9% higher, reaching a price of $1.30 at the time of writing.

Syrah is an Australia-based industrial minerals and technology company. Its two facilities include the Balama graphite project in Mozambique, which has suspended production since March 2020 due to impacts from the  COVID-19 pandemic on travel and workforce. The other, which is not yet operational, is the Vidalia facility in Indiana, the United States.

Why is the Syrah share price rising?

A number of points in the quarterly report may be contributing to the Syrah share price rise today.

Firstly, its US-based Vidalia project was significantly de-risked after completion of a bankable feasibility study. The study highlighted the project’s strong economics.

Syrah also achieved first production of active anode material (AAM) from the Indiana facility during the quarter. The AAM was produced to target specifications and dispatched to electric vehicle supply chain participants. These include Tesla Inc (NASDAQ: TSLA) and Nio Inc (NYSE: NIO).

In addition, the company is assessing a potential restart to production at the Balama facility. Syrah noted that any restart will not take place until 2-3 months after any announcement is made.

As a result, Syrah advised it “remains on track to become a vertically integrated producer of natural graphite AAM to service ex-Asia markets”.

While not currently producing graphite, Syrah aims to join ASX graphite producers such as Talga Group Ltd (ASX: TLG) and Novonix Ltd (ASX: NVX) in supplying both traditional graphite markets and emerging technology markets across the globe.

Market update

In today’s release, Syrah said graphite market conditions had improved once again in the quarter, with higher prices being observed.

Positive momentum in EV sales growth also continued during the quarter, which is a key leading indicator for natural graphite demand growth. The company noted that global EV sales grew 106% in the fourth quarter of 2020 and 89% year on year in H2 2020.

In addition, Syrah completed a $124 million capital raising during the quarter. As a result, its cash balance sits at US$75 million as of 31 December 2020.

Syrah will use the proceeds to progress its final investment decision regarding Vidalia for a large AAM plant. The funds will also be used for restarting Balama and general corporate purposes.

The Syrah share price smashed its 52-week high today, trading as high as $1.34. Despite falling back to $1.3, shares in the company are trading 127% higher for the year.

More reading

• Why the Novonix (ASX:NVX) share price rocketed 36% higher to a record high
• 3 ASX shares powering the electric car revolution
• Here are the US shares ASX investors are buying
• Tesla debuts China-made Model Y SUV
• Here’s the biggest investment opportunity since the internet

Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends 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 Bruce Jackson.

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The Imugene Limited (ASX: IMU) share price is on the rise today. This comes after the company received a successful outcome from the Cohort Review Committee (CRC) regarding its PD1-Vaxx immunotherapy.

PD1-Vaxx is a B-cell immunotherapy designed to treat tumours by producing polyclonal antibodies that block PD-1 signalling, causing an anti-cancer effect.

During mid-afternoon trade, the Imugene shares are up 9.5% to 12 cents.

First checkpoint passed

The Imugene share price is rising deeper into positive territory following the release.

According to Imugene, the CRC cleared the pathway for phase I clinical trials to be proceed with a higher dose of PD1-Vaxx.

Following patient data review, CRC unanimously decided that the immunotherapy candidate is safe with no dose-limiting toxicities or adverse reactions.

CRC advised that Imugene can now administer a stronger 50 micrograms ‘mid-dose’ level to patients in the first-stage clinical trial.

Originally, the company provided a dose of just 10 micrograms of PD1-Vaxx to participants as monotherapy during the initial study.

Imugene noted that clinicians from Australia and the United States will also look into the underlying benefits of PD1-Vaxx. This includes understanding if patients who are treated with the PD1-Vaxx as a monotherapy will prolong survival, delay tumour progression, or reduce tumour discomfort in patients with lung cancer.

Words from management

Imugene Managing Director and CEO, Ms. Leslie Chong, hailed the positive results, saying:

We are pleased with the results that we have seen so far with no observed toxicity. Everyone supporting the study who are involved in developing this important new cancer therapy are very encouraged by the progress to date. We look forward to continuing this study and reporting to the market of its progress.

About the Imugene share price

The Imugene share price has performed relatively well over the past 12 months, up over 228%.

Its shares reached a 52-week low of 1.6 cents before surging high in late 2020, recording an all-time high of 14 cents.

Based on the current share price, the company’s market capitalisation now presides at $545 million.

More reading

• Why did the Imugene (ASX:IMU) share price jump 5% this morning?

Motley Fool contributor Aaron Teboneras 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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It has been a very positive day of trade for the AVZ Minerals Ltd (ASX: AVZ) share price.

After a brief trading pause, the lithium-focused mineral exploration company’s shares surged 13% higher to 21.5 cents.

Why is the AVZ Minerals share price racing higher?

The AVZ Minerals share price jumped higher today following the release of an announcement in relation to its Manono Project in the Democratic Republic of Congo.

According to the release, the company has completed a comprehensive independent greenhouse gas (GHG) assessment for the life of mine of its Manono Lithium and Tin Project.

The release explains that the GHG assessment, which was completed by leading global environmental and sustainability consultants, Environmental Resource Management (ERM), evaluated the estimated scope 11 and scope 22 emissions associated with all operations over the 20-year life of the Manono mine. This includes processing facilities and road transportation of the products.

Management notes that ERM’s findings show that the Manono Project could have one of the lowest carbon footprints of any global hard rock lithium miner.

This is primarily due to AVZ Minerals’ strategic location adjacent to the Mpiana Mwanga Hydro Electric Power Plant (HEPP). Once HEPP is refurbished, the company expects it to provide all of the Manono Project’s electricity requirements

AVZ’s Managing Director, Mr Nigel Ferguson, commented: “We will continue to strive towards improving our greenhouse gas emissions profile as we develop the world-class Manono Project. Ultimately, we want to see the electricity generated from the Mpiana Mwanga Hydro Electric Power Plant used to operate all our mining equipment, making the Manono Project a 100% ‘green’ mine.”

“Any surplus power may be provided into the national grid for use in the town of Manono. This will be a significant achievement for AVZ and everyone associated with the Manono Project, including our shareholders and our financiers,” he added.

AVZ Minerals isn’t the only lithium miner which aspirations of this kind. Vulcan Energy Resources Ltd (ASX: VUL) refers to itself as the first Zero Carbon Lithium producer.

The company is aiming to supply the lithium-ion battery and electric vehicle market in Europe, which is the fastest growing in the world. It believes its resource can satisfy Europe’s needs for the electric vehicle transition, from a zero-carbon source, for many years to come.

More reading

• Why Cleanaway, Crown, Pro Medicus, & Vulcan shares are tumbling lower
• Why Vulcan (ASX:VUL) and these ASX shares are smashing the market in 2021
• We have lift-off: Vulcan Energy (ASX:VUL) share price hits new heights
• What does the Biden administration mean for ASX shares? 
• Why the Vulcan Energy (ASX:VUL) share price is up 4,000% in 12 months

Motley Fool contributor James Mickleboro 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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