abc article

Last Update: Monday, April 16, 2007. 12:35pm (AEST)
Australasian Resources back trading
Junior explorer Australasian Resources will resume trading today after a four-month break while it arranged Chinese backing for its Pilbara iron ore project in north-west Western Australia.

It went into a trading halt on the Australian Stock Exchange in December as it acquired the Balmoral South deposit from Queensland prospector Clive Palmer.

Since then it has struck a deal with Shougang Steel for almost $100 million in start-up cash and further backing of $2.6 billion.

Darren Hedley is the managing director and says the trading halt was long but necessary.

"You've ... got to realise I don't think people fully understand the size of the project we're dealing with," he said.

"What we've done is we own the asset on the 12th of January this year and six to eight weeks later we've come out with what is effectively a multi-billion dollar deal."