The S&P/ASX 200 Index (ASX: XJO) is having a better day on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,719.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Alumina Ltd (ASX: AWC)
The Alumina share price is up 8% to $1.27. This morning, Alumina entered into a scheme implementation deed with Alcoa Corporation. This is in relation to the recently announced proposal for Alcoa to acquire 100% of Alumina by way of a scheme of arrangement for 0.02854 Alcoa shares for each Alumina share held.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up almost 4% to $4.15. This follows news that the lithium miner has signed a new offtake agreement with Sichuan Yahua Industrial Group (Yahua) for the supply of spodumene concentrate from the Pilgangoora Operation. Yahua is a leading lithium chemicals company and one of the largest lithium hydroxide producers globally. It supplies to companies such as Tesla, LG Energy Solutions, LG Chem, and CATL.
QANTM Intellectual Property Ltd (ASX: QIP)
The QANTM share price is up 15% to $1.60. Investors have been buying the intellectual property services company's shares after it received another takeover offer. A non-binding indicative offer has been tabled from Adamantem Capital to acquire QANTM for $1.817 per share by way of a scheme of arrangement. This is higher than an offer received last month from Rouse International.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius share price is up 4% to $1.56. This follows the release of the gold miner's 10-year plan for the Mt Magnet mine. Management estimates average annual production of 150,000 ounces with an all-in sustaining cost (AISC) of $1,600 to $1,800 per ounce. Though, for the first 3.5 years it expects a lower AISC of $1,250 to $1,450 per ounce.
