One of the best performers on the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) today was iron ore miner BC Iron Limited (ASX: BCI).

Its shares climbed a whopping 25% on a day where fellow iron ore miners Fortescue Metals Group Limited (ASX: FMG), Mount Gibson Iron Limited (ASX: MGX), and BHP Billiton Limited (ASX: BHP) headed lower.

Although no news was released to market, the recent rise in iron ore prices had little effect on BC Iron’s share price – until today.

Whilst I feel it is far too early to say a turnaround is coming, the company’s shareholders will hope that recent developments are the catalyst for change.

In May the company announced a change at the top. Morgan Ball decided to step down as managing director following the board’s consideration of the future direction of the company. He was replaced by experienced mining executive Alwyn Vorster, who was previously a general manager at Aquila Resources.

Barely two months into the job he has already settled the litigation between BC Iron and Watpac Limited (ASX: WTP), which had been dragging on for some time. The terms of the settlement are confidential, but include a final payment by the Nullagine joint venture parties to Watpac.

Alwyn Vorster said this about the settlement: “We are pleased to have settled this matter on acceptable terms and BC Iron can now reposition its focus on progressing the Company’s strategic Buckland mine-to-port development project, and potential new business initiatives. BC Iron also continues to reduce NJV holding costs and assess a range of options in relation to the asset.”

New business initiatives will no doubt be music to shareholders’ ears. The company’s share price has collapsed around 97% from its February 2014 high of $5.41 to just 16.5 cents today and clearly needs a catalyst to take it higher again.

As always time will tell what is around the corner for BC Iron and its shareholders. But with the Watpac issue out of the way and iron ore prices climbing higher, I feel there is always a chance that the halted Nullagine joint venture with Fortescue Metals could get restarted.

For now though an investment in BC Iron is largely speculative, despite the fact iron ore prices are climbing. So I would hold off making an investment until there is a solid reason to do so.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.