(Sharecast News) - Exploration company Altona Energy provided investors with a quick update on Friday following the delisting of its shares from trading on AIM.
Altona, which can now only be found on the NEX exchange, revealed it was continuing to evaluate an investment into a significant Chinese vanadium mine, in which one of its directors was a beneficial owner, through a joint venture agreement.
Altona said any deal could take "many months" to be wrapped up due to strict foreign company investment laws in China.
Elsewhere, Altona reiterated its commitment to its South Australian mining licences, with a longer-term view to execute its Underground Coal Gasification strategy at the Arckaringa project following the success of its neighbouring mining company, Leigh Creek Energy.
Executive director Qinfu Zhang said: "We have a great deal of work to focus on during the year, which we hope will lead to Altona being a profitable and successful company.
"Whilst both projects will take a long time to come to fruition, with many issues to overcome, we will provide updates to the market as often as possible."
As of 0830 GMT, Altona shares had shot up 9.09% to 18p.