Australian iron ore development company BC Iron has requested an immediate halt to be placed on trading of its shares in the Nullagine joint venture with Australian miner Fortescue, at the Australian Securities Exchange. The company said suspension of trading was requested pending a specific review of the various operating scenarios available to the Nullagine joint venture in light of the recent material decline of iron ore prices.
The company stated that the review is solely related to the Nullagine iron ore mine and does not relate to BC Iron’s other iron ore projects at Iron Valley (operated by Mineral Resources Limited) or the Buckland mine and port development project in the West Pilbara.
The suspension will remain in place until the opening of trading on December 14, or earlier if an announcement is made by BC Iron.