Kodal Minerals keeps on flying after New Year's Eve debut

Newly AIM-listed phosphorus and iron explorer Kodal Minerals rose steeply on Thursday after floating in the last days of December. Shares in the Norway-focused outfit were up 60% to 1.32p by 14:55 on Thursday, an 88% rise from the 0.7p price at which it raised £1m in its initial public offer. The company is developing the Kodal Project in Southern Norway, which was originally looked at by Norsk Hydro, and using historical data on the project intends to establish a mineral resource estimation soon. The project has a total indicated mineral resource of 14.6m tonnes at 2.26% phosphorous and 24.12% iron, with an inferred mineral resource of 34.3m tonnes at 2% phosphorous and 20.38% iron.Chief Executive Luke Bryan said once environmental and social impact assessment studies and preliminary engineering works are completed the company will apply for a permit application leading towards an operating licence. "The company will also be undertaking marketing studies on its high grade phosphate concentrate (41.8% P2O5) and will be conducting some additional tests to try to improve on its 62% iron concentrate."House broker SP Angel, which owns 5.2% of the shares, with directors almost another 23%, has tipped the stock to re-rate to 3.1p in the short term based on a heady discounted cash flow analysis. OH