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Hillgrove Resources Appoints CBA as Tier-1 Banking Partner; Shares Up 6%

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Hillgrove Resources (ASX:HGO) has appointed Commonwealth Bank of Australia (ASX:CBA) as its tier-1 banking partner after a competitive selection process, according to a Wednesday Australian bourse filing.

CBA will issue a AU$6.6 million bank guarantee to the South Australian Government, replacing current security arrangements and backing the company's rehabilitation commitments, per the filing.

The partnership also provides continued hedging support to manage risks, while creating potential opportunities for future debt financing as the company advances its growth strategy, the filing added.

Hillgrove's shares rose by around 6% in Wednesday's trade, while CBA gained 1%.

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