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IOH set to raise more cashPETER KLINGER, The West Australian
March 31, 2011, 6:28 am
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The West Australian �

The Kerry Stokes-controlled Iron Ore Holdings last night placed its shares in a trading halt as it finalised the first capital raising since recruiting former Oakajee Port & Rail business development director Alwyn Vorster as its chief executive.

Mr Vorster joined in November and has since installed a new management team at IOH as the company tries to devise ways of cashing in on its 700 million-tonne hematite resource in the Pilbara.

It is thought IOH is planning a rights issue to raise between $20 million and $30 million to fund drilling across its central and western hubs as well as its work on scoping studies.

The central hub includes the Iron Valley deposit, with 240 million tonnes grading an average 58.8 per cent iron. Iron Valley is thought to be the same ore body as Fortescue Metals' recently discovered billion-tonne Nyidinghu, separated only by tenement boundaries.

This month, IOH asked Steffen Robertson Kirsten to carry out mining pre-feasibility work for Iron Valley.

IOH shares eased 0.5� to $1.89 yesterday before the trading halt. Mr Stokes, who is chairman of WA Newspapers Holdings, controls a 50.9 per cent stake in IOH, which is valued at $261 million.