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Firefinch boosted by inclusion in Van Eck GDXJ ETF

The inclusion is yet "another strong endorsement of FFX", says Firefinch.

Firefinch Ltd - Firefinch included in Van Eck GDXJ ETF

Firefinch Ltd (ASX:FFX) has been included in the prestigious Van Eck Vectors Junior Gold Miners UCITS ETF,  which invests in equity securities issued by global producers of gold and silver with predominantly a medium and small market capitalisation. 

In a tweet sent out, the company said: “We are delighted that Firefinch has recently been included in the Van Eck GDXJ ETF.”

“This is yet another strong endorsement of FFX.”

 

 

FFX stock to be purchased

Based on the rebalance of the ETF, it is estimated that the GDXJ ETF will have to purchase around A$30 million worth of FFX stock by the close of trading by Friday, September 17, 2021.

Van Eck GDXJ ETF

The ETF aims to provide investment returns that closely track the performance of the MVIS Global Junior Gold Miners Index (MVGDXJTR).

MVIS Global Junior Gold Miners Index tracks the performance of the most liquid junior companies in the global gold and silver mining industry that generate or intend to generate at least 50% of their revenues from this sector.

The ETF seeks exposure predominantly to global small- and mid-cap companies from the gold and silver mining industry.

It offers direct access to a broad selection of companies in the exploration or early gold mining phase and has a historically low level of correlation with traditional asset classes.

Investors also welcome the inclusion with Firefinch shares as much as 17.9% higher intra-day to 72.5 cents, a new high of more than 3.5 years.

Goulamina Lithium project approval

On September 1, 2021, Jiangxi Ganfeng Lithium Co. Ltd received shareholder approval to progress the 50% acquisition of the Goulamina Lithium Project and the formation of a joint venture.

Ganfeng shareholder approval was one of three key outstanding conditions precedent to the Goulamina JV Transaction, which will ultimately see Goulamina become the first lithium producer in West Africa.

Firefinch and Ganfeng have agreed to expedite the final investment decision (FID) to the December quarter 2021, given the strong lithium market dynamics.

This move will allow Firefinch to fully focus on its gold assets while retaining considerable future benefits from Goulamina.

Quick facts: Firefinch Ltd

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on 16/8/21

2 min read