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- Iron ore miner Strike Resources (SRK) has entered a trading halt while it plans to raise some fresh capital
- While it isn’t clear how much will be raised or where the funding will go towards, Strike has been busy advancing its WA-based iron ore mine to a final investment decision
- Site works at the Paulsens East Iron Ore Mine are slated to commence in the September quarter, so long as Strike receives a mining permit and other regulatory approvals
- Strike also recently spun out its lithium and graphite assets into a new company called Lithium Energy (LEL), which listed on the ASX on May 17
- Strike will remain in the trading halt until no later than Friday, May 28
- Company shares last traded at 25.5 cents on Tuesday, May 25
Strike Resources (SRK) has entered a trading halt while it plans to raise some fresh capital.
The ASX-listed resources company is focussed on developing a number of iron ore and battery minerals projects.
Of particular focus, is advancing towards a final investment decision for the Paulsens East Iron Ore Mine in WA so it can commence production.
Earlier this month, the company submitted an updated mining proposal to the Department of Mines, Industry, Regulation and Safety for the granting of a mining permit.
Strike expects to have all permitting and approvals in place by the time it plans to commence site works in the September quarter.
In addition to seeking approvals, Strike Resources has been working closely with Campbell Transport to optimise logistics and make sure all safety, environmental and regulatory issues are addressed.
The company has now ordered 13 new road trains for the project which each have a haulage capacity of 150 tonnes.
Additionally, Strike recently spun out its lithium and graphite assets into a new company called Lithium Energy (LEL), which officially listed on the ASX on May 17.
While it isn’t yet certain how much Strike will raise or what it will use the money for, it’s clear the iron ore miner has a lot planned in the foreseeable future.
Strike will remain in the trading halt until no later than Friday, May 28.
Company shares last traded at 25.5 cents on Tuesday, May 25.
