Red Hill Iron (ASX: RHI) is moving to the beat of its own drum, surging to close at $1.12 yesterday, from just $0.80 on May 2nd.
In response to an ASX price and volume query on Monday the company noted the recent $3.40 per share takeover offer of Aquila Resources (ASX: AQA) by Aurizon Holdings (ASX: AZJ) and Baosteel Resources Australia.
Aquila (60%) is a joint venture participant with RHI (40%) in the Red Hill Iron ore project in Western Australia.
This comes against a backdrop of weakening iron ore prices and falls in major producers Rio Tinto (ASX: RIO) and Fortescue (ASX: FMG)
RHI is also the 100% owner of the Pannawonica Iron Ore Project, located to the North and the South of Rio's Mesa A railway, which holds a resource of 29.3 million tonnes grading 54% iron.
The company is now valued at around $50 million.
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