Impact Minerals soars on Forrest investment

Andrew Forrest’s investment in Impact Minerals caused the junior’s shares to climb 15 per cent on Friday.

Soaring to 3.5 cents after the end of their trading halt, Impact’s shares have settled down to 3 cents even.

The $5 million investment was made through Forrest’privately-owned  Squadron Resources, in a push for good investment during the downturn of a depressed commodity market.

However, the value of that investment may now be as much as $7.3 million, according to The West Australian.

Forrest has also invested in Vimy Resources (uranium), Poseidon Nickel, and gold miner A1 Consolidated.

Impact managing director Mike Jones said having Squadron as an investor was a milestone development for the company.

“In this current downturn in the resources industry, well-funded private investment groups such as Squadron are faced with an almost unlimited number of opportunities to review and so this investment in Impact is a clear statement of the potential of our projects to deliver major discoveries,” he said.

“Impact’s immediate focus is to progress exploration on all of our projects, in particular at Broken Hill where Impact recently announced some of the highest grades of platinum group metals in Australia as well as at the high grade gold-silver-zinc-lead Commonwealth project.”

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