Join our daily newsletter At The Bell to receive exclusive market insights
- WestStar Industrial (WSI) begins the week in a trading halt in preparation for a capital raising and material contract award
- The company will remain in the halt until November 10 or when more details are released, whichever occurs first
- On November 1, WestStar’s subsidiary SIMPEC began contruction activities on the Iron Bridge Magnetite Project Wet Processng Plant in Western Australia
- This processing plant is a key part of the new magnetite mine which will produce 22 million wet tonnes of high-grade magnetite concentrate product per year
- Shares in WestStar Industrial last traded at 2.5 cents on November 4
WestStar Industrial (WSI) has begun the week in a trading halt in preparation for a capital raising and material contract award.
The company will remain in the halt until November 10 or when more details are released, whichever occurs first.
WestStar is yet to disclose how much it intends to raise or what it will use the funds for once received.
On November 1, WestStar’s subsidiary SIMPEC began construction activities on the Iron Bridge Magnetite Project Wet Processing Plant in Western Australia.
This project is a joint venture between FMG Magnetite, a subsidiary of Fortescue Metals (FMG), and Formosa Steel.
SIMPEC is at the site and the crew has begun execution of the new magnetite mine. Further, staff onboarding is continuing with almost 100 staff at the project.
This processing plant is a key part of the mine which will produce 22 million wet tonnes of high-grade magnetite concentrate product per year.
Shares in WestStar last traded at 2.5 cents on November 4. The company has a $24.38 million market cap.
