HK Stock Market Move | KINETIC DEV(01277) rose over 3% and signed a cooperation agreement with Minenet for the ruby project located in Rotifon, Sierra Leone.

KINETIC DEV(01277) rose more than 3%, up 3.03% to 1.36 Hong Kong dollars as of the time of writing, with a trading volume of 13.77 million Hong Kong dollars. On the news front, KINETIC DEV announced that on December 23, 2025, its indirect wholly-owned subsidiary Kinetic Development Metal Mining (SL) Limited (Metal Mining), registered in Sierra Leone, signed a cooperation agreement and supplemental agreement with Minenet Company Limited, a company registered in Sierra Leone, regarding the Ruby Mining Project located in Rotifunk, Sierra Leone (the Ruby Project). Minenet holds a large Ruby mining license in the Moyamba region of Sierra Leone, covering an area of approximately 117 square kilometers, valid until February 25, 2049. Under the agreement, Metal Mining will invest in and conduct mining operations within the designated 50 square kilometer area of the license and will have exclusive rights for exploration, mining, processing, and sales. Once all five production lines of the Ruby Project are fully operational, an annual production of around 480,000 tons of heavy sand is expected, with Metal Mining entitled to approximately 80% (about 384,000 tons) of the heavy sand. Based on current information, the estimated unit cost of heavy sand for the Ruby Project is around $200 per ton. This information is for illustrative purposes only and does not constitute a prediction or estimate of the Group's revenue or profit. The project is currently under construction, with production expected to commence in September 2026.