The GWR Group (ASX: GWR) share price briefly shot up 8% this morning before settling into a modest gain. What’s moving GWR shares today?
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The GWR Group Ltd (ASX: GWR) share price shot up over 8% at the open this morning before settling into its current gain of 2.33% at the time of writing. The GWR share price is currently sitting at 44 cents a share.
Today’s price action follows the miner’s announcement that its first iron ore stockpile is ready for shipment.
What did GWR Group announce this morning?
According to this morning’s release, GWR remains “on track to make its first historic shipment of Iron Ore from the C4 deposit in late January 2021.”
The shipment announced in today’s release is from the company’s C4 iron ore deposit in Wiluna, which is the company’s flagship project.
Product is currently being stockpiled at the Port of Geraldton Site 88 location in preparation for shipment later this month. The vessel that’s been secured for the job is expected to be loaded and depart before the end of this month.
Stage 1 mining activities continue to progress on site. The company has engaged Pilbara Resource Group (PRG) for Stage 1 operations that cover the first 1 million tonnes of an estimated 21.6 million tonne resource of 60.7% Fe.
In today’s announcement, GWR chair Gary Lyons confirmed the project’s progress:
The Company remains on track for the first historic shipment of Iron Ore to our off take partner in late Jan 2021 in what will be the final key production milestone of Stage 1 with Cargo Ship PANAFRICAN expected to arrive at the Port of Geraldton this month.
The GWR Group share price continues creeping up
Over the past 12-month period, the GWR Group share price has blasted up over 400%.
Notably, the GWR share price had a nice boost in August when it announced its approvals for the C4 deposit were secured, jumping from a 7 cent close on 27 August 2020 to 24 cents on 31 August 2020. That’s a very tidy 243% gain.
The GWR Group share price has continued an upward trend since.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.