Northern Uranium (NTU) has bounced back after being hit from it's announcement to place shares with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Co to raise over $15million for a 51% holding in NTU. I'm surprised with such a strong rebound in the shares and especially the volume being traded. From reading chat on internet stock forums it appears many retail shareholders are going to vote against this and possibly egg-on the FIRB to reject the investment leading to a Lynas Corporation-style combeback. A 9 million crossing of shares at $0.12 has also set tongues wagging with interest as to who the identity of the buyer may be. Whatever the reasons the interest in rare earths companies is definitely back (if only for now).
Avanco Resources (AVB) made a nice little announcement today advising the market that Vale (iron ore behemoth) has taken an option to acquire the Trindade North Property from Avanco. This will enable the company to earn royalties on any "in-situ JORC compliant iron ore resources in the measured and indicated categories" whilst focussing on it's copper projects.
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