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Flagship Minerals Sells Thailand Lithium Project for AU$5.8 Million in Cash; Shares Gain 3%

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Flagship Minerals (ASX:FLG) struck a deal to sell its RK lithium project in southern Thailand to a local syndicate for around AU$5.8 million in cash, according to a Thursday filing with the Australian bourse.

The company said it will receive around 50% of the consideration within the week, adding that the syndicate is led by privately held Pendulum Auto Co.

Flagship is also in talks for the sale of its Khao Soon tungsten project in Thailand as part of its transition to a gold and copper explorer, per the filing.

The company's shares gained 3% in recent Thursday trade.

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