Australian Resources
Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia.
The Company has a strategic alliance with China’s 4th largest steelmaker, Shougang Corporation, and two associated entities have already committed A$56 million to the Company and can inject a further A$42 million through the exercise of 28 million options before 2010.
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Negotiations continue between Australasian Resources and RDI
Australasian Resources (ASX: ARH) has advised it has sought clarification from Resource Development International Ltd (RDI) regarding its intentions in respect of the Merger Implementation Agreement, currently in place with Australasian, following various media articles.
In August 2008 Australasian signed a Merger Implementation Agreement that would see Australasian and RDI merge subject to the listing of RDI on the Hong Kong Stock Exchange.
The Chairman of RDI, Professor Palmer, has advised Australasian that “the RDI Hong Kong listing is currently on hold and is currently planned to take place in the last half of 2009”.
Australasian and RDI are in discussions to extend the current merger agreement beyond 31 March 2009.
Australasian continues to work with its Chinese partner, Shougang, to progress the Balmoral South Iron Ore Project, independent of any potential plans with RDI.
Australasian Resources is an Australian iron ore company currently developing the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia.
