Highlands Pacific (ASX: HIG) is up 45% today, with PanAust set to replace Xstrata as Frieda River JV partner in PNG. PanAust (ASX: PNA) will assume 80% project ownership and can subscribing for a placement of up $10 million in Highlands. The market's reaction has already been overwhelmingly positive, with Highlands' share price firming by up to 45% today to a high of $0.09.
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James Marlay
Gavin, what is the underlying asset in HIG? I am assuming copper/gold for PNA to take an interest.