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Fortis Mining poised to acquire two potash mines in Kazakhstan

Fortis Mining poised to acquire two potash mines in Kazakhstan

Fortis Mining (ASX: FMJ) is one of the most successful IPO's in recent memory, with an almost unprecedented share price rise.

Listing in December 2010 after an IPO offering 20 million shares at $0.20 to raise up to $4 million, the shares traded just shy of $4 earlier this month, and last traded at $2.69.

The reason, potash.

Potash has become the new 'rare earths', with potash mining companies' shares soaring as the world's food consumption increases unabated.

Fortis may have just kicked another goal, with the ASX granting the company a trading halt today pending an announcement of the acquisition of two potash mines in Kazakhstan.

Just last week the company received a major vote of confidence with an equity facility limit boost to $60 million from Global Emerging Markets, up from the original $10 million.

So it might be worth keeping an eye on Fortis, with the shares to be released from pre-open before trade on Wednesday 23 March, or when the announcement is made.

 



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