3 ASX mining shares rocketing over 18% on big news

What's with these three explorers today?

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Key points

  • These three explorers are outperforming the materials sector on Wednesday
  • The share price of one of these companies rocketed 31% higher at one point today 
  • The materials sector is more than 1% in the green in late afternoon trading

The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 1.19% in late trading on Wednesday, but these three ASX mining shares are soaring far higher.

Shares in Globe Metals & Mining Ltd (ASX: GBE), Cobre Ltd (ASX: CBE), and Walkabout Resources Ltd (ASX: WKT) are all outperforming the index today.

Let's take a look at what these three companies announced to the market.

Globe Metals & Mining

Globe Metals and Mining shares are surging 13% today to 9.5 cents. However, in earlier trade, the company's share price rocketed nearly 31% to 11 cents. In today's news, Globe revealed it has entered a mining and development agreement with the Malawi government to develop the Kanyika Niobium Project. Globe described this development as a "significant milestone in Globe's history". Chair Alice Wong said:

With this ultimate approval and final agreement in place, all parties concerned can now focus their efforts and resources on making the Kanyika Project the first niobium mine in Africa and Globe the first new niobium producer in over 50 years.

Cobre

Cobre shares soared nearly 24% today, hitting an intraday high of 13.5 cents a share. The company's share price has since settled at 12 cents, up 14.3%. Cobre is exploring metals including copper and silver in Botswana and Western Australia.

Today, the company advised of a 'Change of Director's Interest' indirectly involving director Martin Holland. Holland International Pty Ltd has acquired 700,000 new shares at a value of $71,225.73. Yesterday, Cobra announced soil sampling and preparation for aircore drilling is underway at the company's Kitlanya West Project in Botswana.

Walkabout Resources

Walkabout Resources shares are up 4.55% in late afternoon trading to 11.5 cents apiece. That's after the company's share price lifted 18% to 13 cents a share earlier today. Walkabout announced today it has signed a term sheet for an up to US$25 million senior debt facility to complete construction of the Lindi Jumbo graphite mine in Tanzania.

Commenting on the news, CEO Andrew Cunningham said:

It is pleasing to know that the Lindi Jumbo Project will be funded through to production.

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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