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

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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.

 

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ASX:ARH
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