Steady ASX debut for Base Iron

Mid West -focused explorer Base Iron Ltd has debuted on the Australian Securities Exchange, with its share price steadfastly locked in at its 20 cent issue price for the day.

The stock is the second Western Australian company to list this week, with Aluminex Resources Ltd still yet to record its first trade.

Today, 10,000 Base Iron shares were traded, with the share price staying at 20c.

The debut follows an initial public offer that raised $4 million, a target that was lowered from $5 million due to the challenging financial environment.

The company's flagship asset is the Iron Hill South project located 200 kilometres south of Mt Magnet in the Mt Gibson iron field which the company said has a long history of production.

On the board is managing director Tim Carstens, non-executive chairman Andrew King and non-executive directors Winton Willesee and Sam Willis.