Apollo Minerals (ASX: AON) has some potentially very interesting news on the horizon, with today the company being granted a trading halt by the ASX pending an acquisition announcement.
Apollo's shares have been accordingly placed in pre-open. The company has not expanded on the announcement any further, with the current key projects focused DSO mineralisation and large, high quality magnetite projects.
Not lost on astute investors is that earlier in the month Apollo attracted India's third largest steel producer, Jindal Steel and Power, which has agreed to a A$1 million investment giving it a 9.25% stake in Apollo.
Jindal Steel and Power (NSE: JINDALSTEL) is part of the US$12 billion diversified O.P. Jindal Group and is a leading player in the nation’s steel, power, mining, oil and gas, and infrastructure industries with an annual turnover of US$4 billion.
The halt will last until the earlier of an announcement being made to the market, or the open of trade on Thursday 24th May.
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