In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 6,782.9 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are charging higher:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 2.5% to $14.64. This morning this lithium miner announced a funding agreement for the development of its Sal de Vida project. Allkem and the International Finance Corporation have agreed a US$200 million non-binding term sheet for a project financing facility for the project in the Catamarca Province of Argentina.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up over 7% to $2.22. Investors have been buying this energy producer's shares after its Bauna royalty rate reduction was approved. Once formalised, the reduced royalty rate will apply to all incremental production from the Bauna, Piracaba and Patola fields in Brazil.
Stanmore Resources Ltd (ASX: SMR)
The Stanmore Resources share price is up 5.5% to $2.52. This morning this coal miner announced that it has completed the acquisition of the remaining 20% interest in BHP Mitsui Coal from Mitsui. In accordance with the sale agreement, the final price payable for the acquisition was US$270 million after adjusting for dividends paid to date. Stanmore now owns 100% of the business, which has since been renamed Stanmore SMC.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 4% to $10.87. This coal miner's shares have continued to rise despite there being no news out of the company today. Following today's gain, the Whitehaven Coal share price has now climbed a remarkable 295% since the start of the year.
