This is great news considering the further development of Peak Hill. Having the WAPRC involved to build the rail infrastructure, that may serve to also link up a multitude of other mineral/iron ore and assoc. extraction sites in the region is a giant leap forward.
"In addition to the Sundance deal, Western Australian Port Rail Construction (WAPRC) announced that it intends to acquire a majority share of AustSino in a $100 million placement.
AustSino’s key project is the Peak Hill iron ore project in Western Australia, which contains a JORC complaint maiden resource of 700Mt at an average 27.5 per cent iron at its main deposit Telecom Hill.
WAPRC’s placement, which is binding but still subject to conditions, will see the company subscribe for roughly 7.69 million shares at a price of 1.3 cents per share, equivalent to a 61 per cent controlling interest in AustSino.
As a result of this placement, WARPC intends to work with AustSino on projects across Western Australia and Central Africa."
