Summit halts trading for announcement

Mining company Summit Resources says a trading halt has been placed on its securities pending an announcement by the company.

The trading halt will remain in place until the announcement or midday tomorrow, whichever comes first.

Early last month, Summit Resources received a A$1 billion ($1.14 billion) hostile bid from Paladin Resources.

Paladin offered one share for every 2.04 fully paid Summit shares.

Summit rejected the offer, saying it was opportunistic and inadequate.

The focus of the bid is the large Valhalla/Skal uranium deposit near Mt Isa in Queensland.

This is held in a 50/50 joint venture between Paladin and Summit.

Paladin has a mine in Namibia and is working on a mine in Malawi.

Summit shares leaped 21c on the NZX yesterday to a record $6.06 before the trading halt.

They have risen from $1.80 a year ago and 33c two years ago.

- NZPA