leadf
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

Live Company's David Ciclitira hails contract for Paddington Bear with Leeds...

Live Company Group PLC's (LON:LVCG) chairman David Ciclitira caught up with Proactive's Andrew Scott after announcing that the first contract for Paddington Bear has been signed with the White Rose Shopping Centre in Leeds. It's the second time they've partnered with the White Rose Centre, which...

1 hour, 43 minutes ago

2 min read