Asia Broadband (OTCMKTS:AABB) stock is gaining on Tuesday as investors react to news of it reaching a major ore milestone!
According to a press release from the company, it finalized the terms of a “long-term processing and production agreement for a large-scale gold and silver ore stockpile.” That milestone is for its facility in Etzatlan, Jalisco, Mexico.
Asia Broadband points out that this agreement will be the “largest high-yield asset addition” for the company yet. The company also mentions that this is part of its strategic expansion initiative. This has it seeking to acquire more gold production and increase its physical gold holdings.
Asia Broadband doesn’t go into further details about the agreement with today’s announcement. Instead, the company says it will provide investors in AABB stock a further update on the matter next week.
AABB Covers More Than Just Gold
Investors will also note that Asia Broadband has its own gold-backed crypto. This trades under the name AABB Gold Token (AABBG-USD). The company is currently developing a crypto wallet backed by gold that will hold these tokens.
Today’s news has AABB stock seeing a decent amount of trading. As of this writing, some 6.7 million shares have changed hands. That’s closing in on the company’s daily average trading volume of about 8.2 million shares.
AABB stock is up 5.9% as of Tuesday afternoon but down 77.3% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is ready to go today with all of the most recent stock market coverage! For Tuesday, that includes what’s going on with shares of Otonomy (NASDAQ:OTIC), Cosmos (NASDAQ:COSM) and Bed Bath & Beyond (NASDAQ:BBBY) stock. You can find all of that news at the following links!
More Tuesday Stock Market News
- Why Is Otonomy (OTIC) Stock Up 97% Today?
- 5 Investors Betting Big on Cosmos (COSM) Stock
- Bed Bath & Beyond (BBBY) Stock Rebounds After Black Friday Woes
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
