15/06/2009 - 13:47

Aurox at loss to explain share spike

15/06/2009 - 13:47

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Aurox Resources is at a loss to explain its 75 per cent share price jump after it received a speeding ticket from the Australian Securities Exchange.

Aurox at loss to explain share spike

Aurox Resources is at a loss to explain its 75 per cent share price jump after it received a speeding ticket from the Australian Securities Exchange.

Since Friday, the company's share price has leapt from a low of 28 cents to today's intraday high of 49 cents. Shares in Aurox last traded at 43c at 15:22 AEST.

Aurox is currently progressing its Balla Balla magnetite iron ore project in the Pilbara where production is expected to start in early 2012.

Last month, Aurox received approval from the state's environment minister to proceed with the project.

Aurox, along with other Western Australia miner, have seen their share prices jump higher following the collapse of the Rio Tinto and Chinalco deal, and the merger of Rio's and BHP Billiton's WA iron ore assets.

Some market commentators have suggested the collapse of the Chinalco deal may prompt Chinese entities to look to smaller iron ore companies in a bid to lock in iron ore supply.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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