Independent Resources doing lambada on approval for Rivara

The Italy focused gas company, Independent Resources (IRG), has seen its share price rocket 17% this morning on news of government approval for the "appraisal phase" of its Rivara project in the Po Valley.

IRG wants to build a large gas storage facility underground at the site to alleviate Italy's gas supply disruptions during the winter.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

It characterises the project as "a much-needed infrastructural investment in an extremely under-supplied market."

Of course, IRG would say that, but with the Rivara site located at the hub of Italy's gas transmission system, the scheme does have a certain logic.

At 9.34am the stock was up 17.11% at 44.5p. Over the year to date IRG is down 3.83%.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.