Shares of iron ore hopeful Grange Resources (GRR) have been placed in a trading halt pending an important announcement and investors are speculating whether the company will announce striking a deal with iron ore major Rio Tinto (RIO). FNArena first reported on these rumours about two weeks ago (see Weekly Analysis The Iron Ore Party Is Still Getting Better (And Better), from July 31).
According to newspaper The West Australian, Grange may be looking at striking a deal with Rio Tinto that will see it consolidate control of the entire Southdown iron ore project. No wonder investors are eagerly awaiting the company's next official announcement.
Shares of Grange Resources had been placed in a trading halt on Friday, with last trading registered at $2.80, "pending the release of an announcement by the Company". This announcement is expected to be released on Tuesday, August 12 (tomorrow).