LONDON (Alliance News) - IronRidge Resources Ltd on Thursday said it is taking a cautious approach to its current asset portfolio and is on the look-out for further complementary acquisitions.
IronRidge said the state of the global iron ore market is "not currently conducive" to extensive iron ore exploration and development. As a result of this, IronRidge is taking a conservative approach to its iron projects in Gabon until the iron ore price recovers.
However, its strategy remains, in part, to identify and secure iron-ore exploration or development assets to complement its existing Gabon assets.
The company also has undertaken a review of its current Australian assets and conducted a search for potential new assets to add to its portfolio. This has resulted in some opportunities being identified, over which IronRidge will now run the rule.
"Driven by market conditions and with a solid treasury, our business strategy review was crucial and timely," said Chief Executive Vincent Mascolo. "I believe IronRidge is well positioned for a promising future, and we look forward to keeping shareholders informed in regard to material developments."
Shares in IronRidge were down 14% to 6.86 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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