FeOre trades above IPO on first day, eyes first rail haulage of Mongolian iron ore within two years
FeOre (ASX: FEO), a Mongolia-focused iron ore explorer, has performed well in its first hour of public life on the ASX with shares changing hands above it’s A$0.25 IPO price.
On a day when the Australian market is down 1.5% FeOre shares have traded up at $0.26, with about 873,000 shares traded up to just after midday.
The company was admitted to the ASX yesterday following a successful IPO of up to 140 million shares at A$0.25 to raise up to $35 million.
Interestingly, FeOre is targeting the first rail haulage of iron ore for sale from its 108.7 million tonne Ereeny project in Mongolia within 24 months of its listing on the ASX.
The company is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI for the transport and purchase of its iron ore product.
The Ereeny Project, which is located 60 kilometres from the major trans Mongolian railway line between Russia and China, covers approximately 3.26 square kilometres and extends to depths of over 400 metres.
It has an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
On a day when the Australian market is down 1.5% FeOre shares have traded up at $0.26, with about 873,000 shares traded up to just after midday.
The company was admitted to the ASX yesterday following a successful IPO of up to 140 million shares at A$0.25 to raise up to $35 million.
Interestingly, FeOre is targeting the first rail haulage of iron ore for sale from its 108.7 million tonne Ereeny project in Mongolia within 24 months of its listing on the ASX.
The company is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI for the transport and purchase of its iron ore product.
The Ereeny Project, which is located 60 kilometres from the major trans Mongolian railway line between Russia and China, covers approximately 3.26 square kilometres and extends to depths of over 400 metres.
It has an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
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