3 ASX mining shares shooting the lights out on Friday

We take a look at why these three mining shares are soaring today.

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Key points

  • Three ASX mining shares are soaring ahead today 
  • One of these companies is exploding by almost 200% 
  • The materials sector is leaping nearly 3% today 

The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 2.91% today, but three ASX mining shares are storming higher.

The Black Rock Mining Ltd (ASX: BKT), Classic Minerals Ltd (ASX: CLZ), and Mineral Resources Limited (ASX: MIN) share prices are all well in the green today.

Let's take a look at what is going on with these mining shares.

Classic Minerals

The Classic Minerals share price is exploding 187.5% today.

Classic Minerals has signed a $10 million funding agreement on the company's Kat Gap Gold project in Western Australia.

Goldvalley Brown Stone Pty Ltd will provide funding for the extraction and processing of ore from the Kat Gap project. Under the deal, Classic will receive 70% of the net profits from gold production, while Goldvalley will receive 30%.

Chairman John Lester highlighted Classic now has a "clear path to mining and processing of gold". He added: "We have begun the transition from explorer to producer and shareholder patience will be rewarded."

Black Rock Mining

Black Rock shares are rocketing 20.69% higher today. The company's 84% owned subsidiary, Faru Graphite Corporation Limited, has signed an agreement with Urbix for material from module two of the Mahenge Graphite Project in Tanzania.

Urbix is a cleantech refining company working on lithium-ion battery anode materials in the USA. The companies will work together to establish a new supply chain for the US and European battery industries.

Commenting on the news, Black Rock CEO John de Vries said:

Signing this agreement with Urbix is potentially transformational in the context that we are developing an additional USA and European option for the processing of Black Rock's graphite into battery applications.

Mineral Resources

The Mineral Resources share price is soaring 12% today to $70.54. This follows the company neither confirming or denying speculation it is planning to spin off and list its lithium business in the USA.

This follows news of the potential plan appearing in the Australian Financial Review last night. Analysts believe Mineral Resources' lithium arm accounts for more than 50% of the company's value.

In a response to the speculation, Mineral Resources said:

MinRes wishes to advise that, in the normal course of business, it regularly evaluates various strategic options to maximise value creation for shareholders, including in relation to its lithium business.

Motley Fool contributor Monica O'Shea 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 Scott Phillips.

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