IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Trading Room reports that Melbourne-based Fortis Mining Ltd has agreed to raise $236m by selling new shares and notes to investors in Hong Kong and China to buy and develop two potash mines in Kazakhstan.
ASX-listed Fortis, previously a gold and base metal explorer, acquired the rights to purchase the Chelkarskaya and Zhilyanskoe salt deposits in March. The deposits have an exploration target range of 6.5 – 6.6bn tonnes of potassium making them amongst the largest potash salt deposits in the world.
Fairfax Digital’s Trading Room reports:
“Fortis will sell $224 million of new shares to Hong Kong-based institutional investor Topsun Holdings and China-based Yubang Industry Development Ltd.
The company will also sell $12 million in convertible notes to private Hong Kong-based investors, Melbourne-based Fortis said in a statement on Thursday.”
