Investors have applauded the Australasian Resources market update pushing the shares 42% higher in afternoon trade to USD 0.24.

The reason for the investor interest is that Australasian Resources announced that the company has finally agreed a structure for the 2 billion tonne iron ore deposit in Western Australia.

Mr Dio Wang CEO commented on the decision and said “This is a major achievement for ARH at the right time, especially considering that the comparable Sino Iron Project next door will begin to export product next year.”

Australasian Resources have executed a non-binding MOU with Mineralogy Pty Ltd whereby a subsidiary and project company International Minerals Pty Ltd will now have access to the 2 billion tonnes of iron ore, with final details are being worked out between the companies in order to finalise a binding agreement.

Further details are expected to be made in a month.

(Sourced from www.proactiveinvestors.com.au)