IronRidge Resources (LON:IRR) has parked its iron ore exploration plans and will prioritise its fledgling gold interests instead.
The current state of the global iron ore market and the poor outlook for prices in the next five years has prompted it out its iron ore projects in Gabon on hold.
Instead, it had reviewed its current polymetalic Australian assets and started a top down global search for gold projects with potential to be world class deposits.
That search had identified several opportunities, it said.
Vincent Mascolo, IronRidge’s chief executive added: "Driven by market conditions and with a solid treasury, our business strategy review was crucial and timely.
"We are also pleased with the continued support of our major shareholders; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia."