BC Iron enters trading halt ahead of Fortescue annoucement
Junior explorer BC Iron Ltd has requested a trading halt, ahead of a heads of agreement announcement with Fortescue Metals Group Ltd.
The company previously said it received strong interest from steel mills for its sinter-friendly iron ore during a roadshow in China in late July.
BC Iron managing director Mike Young said samples from its Nullagine joint venture with Fortescue Metals Group Ltd in Western Australia's Pilbara region had been welcomed by Chinese steel mills due to its low alumina, ultra-low phosphorous qualities.
"It looks like funding for the project is on its way to being secure," he said at the Diggers and Dealers mining conference earlier this month.
BC Iron and Fortescue formalised their joint venture in July. Under the arrangement, Fortescue has acquired a 50 per cent stake in the Nullagine project in return for providing rail haulage, port handling and ship loading facilities.
bc iron and fortescue joint venture
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