logo-loader
viewAustralasian Resources

Australasian Resources soars 42% after update on 2Bt Western Australia iron ore deposit

au_share_price_up350_4e815b67c4f9a.jpg

Investors have applauded the Australasian Resources (ASX: ARH) market update today, pushing the shares 42% higher in afternoon trade to $0.24.

The reason for the investor interest is that Australasian Resources announced that the company has finally agreed a structure for the 2 billion tonne iron ore deposit in Western Australia.

Dio Wang, chief executive officer, commented on the decision and said, “This is a major achievement for ARH at the right time, especially considering that the comparable Sino Iron Project next door will begin to export product next year.”

Australasian Resources have executed a non-binding MOU with Mineralogy Pty Ltd whereby a subsidiary and project company International Minerals Pty Ltd will now have access to the 2 billion tonnes of iron ore, with final details are being worked out between the companies in order to finalise a binding agreement.

Further details are expected to be made in a month.

 

Quick facts: Australasian Resources

Price: - -

ASX:ARH
Market: ASX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Iconic Labs shake up the media tech space with two new deals

Iconic Labs PLC (LON:ICON) is a media and technology business focused on online marketing, content and technology products. Chief Executive John Quinlan tells Proactive London how two new deals - a contract and a new JV - will have a significant impact on his business.  News here too on...

5 hours, 57 minutes ago

2 min read