Ferrowest Limited (ASX:FWL) is preparing to outline additional information for the sale process for the Yogi Mine Project, which is located 14 kilometres east of Yalgoo in Western Australia.
Under an option agreement dated 18 December 2014 between Ferrowest and Padbury Mining (ASX:PDY), Ferrowest granted an option to Padbury to purchase the Yogi tenement package.
On 16 February 2015 Padbury exercised the option and on 23 February 2015, Ferrowest shareholders approved the sale.
Padbury said on the 10th March that it is still finalising its proposed capital raising with Chinese investors.
Padbury announced yesterday regarding its suspension (31st March 2015), that it anticipates an announcement updating the market will be made on or before 13 April 2015.
The halt will remain in place until the opening of trade on Tuesday 7th April 2015, or earlier if an announcement is made to the market.
