Ascot Resources Limited (Ascot) is an Australian resources company focused on exploring and developing opportunities in steel making minerals.
The Company’s major asset is the 100% owned Wonmunna Iron Ore Project, a near term development asset located in the iron ore-rich Pilbara region, 80km northwest of Newman. The Wonmunna Project comprises 3 mining leases and 1 exploration licence (total area c.230km2) and is intersected by the Great Northern Highway, providing direct road access to Port Hedland. The deposit features a high quality direct shipping iron ore which is hosted in the Marra Mamba formation, similar to the world class West Angelas mine, approximately 30km west of Wonmunna.
In October 2015 Ascot announced that, due to the uncertain state of the iron ore market and volatile market conditions generally, further activity related to the development of the Wonmunna Project would be limited until the outlook for the iron ore market stabilises and improves. In the meantime the Company will investigate opportunities for corporate or asset transactions that have potential to enhance the value of the Wonmunna Project or the Company generally.
As a consequence of the decision to limit activity related to the development of the Wonmunna Project and following shareholder approval at the Company’s Annual General Meeting in November 2015, the Company was removed from the Official List of the Australian Stock Exchange Ltd on 24 December 2015.
In addition to the Wonmunna Project, Ascot owns a 90% JV interest in the Titiribi Coal Project located in the Department of Antioquia, Colombia. The Project is located only 70km from State Capital Medellin and is close to existing utilities and infrastructure.