(MENAFN- ProactiveInvestors)
() has been granted a trading halt by the ASX pending an announcement relating to the company’s Ore Joint Venture.
Red Hill is a 40% participant in the Joint Venture which owns the major portion of the Channel Iron Deposits which make up the West Pilbara Iron Ore Project.
The company has no debt and is carried at the 40% level for all project costs until production commences.
At this point it can elect either to reduce its participating interest in the joint venture to 20% or elect to exchange its 40% interest for a 2% FOB Royalty on all future production with all project cost repayment liability written off.
The halt will last until the opening of trade on Friday 8th May 2015 or earlier if an announcement is made to the market.
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