Mindax up on partner talks

Shares in diversified explorer Mindax have risen nearly 13 per cent on news it’s in talks with a potential partner for its Mt Forrest Iron Project.

The company has spent $100 million on the project - in the Yilgarn region of Western Australia - with plans to begin a 1.5 mtpa direct shipping ore project by the end of 2014.

It’s intended that would then progress on to a 10 million tonne per annum magnetite project with a 16 year mine life.

The company announced this morning it was in confidential negotiations with a potential strategic partner for the project to fast track its development.

The discussions are said to “well progressed” and due to reach a resolution “in the near future”.

Mindax’s shares started the day at 8.2 cents each and had risen to 10 cents by 1PM WST.