Tuesday, March 9, 2010

Atlas Iron, Aurox Resources Suspend Share Trading

Western Australian iron-ore miner, Atlas Iron requested on Tuesday that trading in its shares on the ASX be temporarily be halted pending a “potential material transaction.” Aurox Resources has also placed its share trading on a temporary halt, again pending a price sensitive transaction. Shares in both firms are expected to resume trading on Wednesday.


Last month the two firms entered into an agreement regarding Aurox’s port capacity allocation at the Utah Point port facility, currently under construction in Western Australia in which Atlas loaned Aurox A$13.8 million in exchange for being able to use Aurox’s surplus facilities at Utah Point when it become available in March 2012.

In exchange for a A$13,8-million loan, Atlas would be able to use Aurox’s surplus berth, ship loading and stockpiling capacity at the Utah Port point facility, that will become available in March of 2012.

It was reported on Monday that India's NMDC was leading a consortium that was looking to take a 70 per cent stake in Atlas's Pardoo project.

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