Iron ore magnate Andrew Forrest has invested $5 million in Impact Minerals, a small ASX-listed uranium, nickel, platinum and gold explorer.
The personal investment is part of a strategy to buy during a depressed commodity market in areas which don’t conflict with his iron ore producer Fortescue Metals.
Impact Minerals yesterday went into a trading halt pending an announcement about funding. The miner has interests in both Australia and Africa.
According to the Australian Financial Review, the funding arrangement is understood to be the reason behind the trading halt.
Forrest has recently invested in A1 Consolidated Gold, a small Victorian miner, through Mindaroo Resources.
And Forrest has said he will be taking up shares in the new Atlas Iron $180 million capital raising.
Atlas Iron managing director David Flanagan also revealed in May that Mr Forrest would support the company’s equity raising.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.