Grange Resources in trading halt

Shares in Grange Resources Ltd have been placed in a trading halt pending an announcement regarding a proposed asset disposal.

In a release issued late yesterday, the company said it expects to make the announcement within the next two trading days.

Last week, private Chinese company Shagang International Holdings emerged with a 45 per cent stake in Grange as a result of a merger deal between Grange and Australian Bulk Minerals.

The all-scrip merger will combine Grange's Southdown magnetite project near Albany with ABM's 2.3 million tonne per year Savage River magnetite and pellet operation in Tasmania.