3 ASX mining shares on ice today pending big news

Why are these shares halted on Wednesday?

A businessperson sits at his desk in a cold office with snow and ice all around him and a frozen beard.

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Key points

  • Two of the three companies on this list have sought a trading halt to prepare announcements for the market regarding capital raising activities
  • Oz Minerals shares are on hold while the miner works through a potential takeover bid from much bigger fish BHP
  • All three miners are expected to be back on the market by Monday of next week

The prices of three ASX mining shares were on ice today.

The S&P/ASX 200 Materials Index (ASX: XMJ) is one of only three sector indices in the green, finishing 0.86% higher today. Only the S&P ASX 200 Energy Index (ASX: XEJ) closed higher, with a gain of 1.18%.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) closed today down a modest 0.27%.

Let's cover which mining shares were in the freezer on Wednesday.

OZ Minerals Limited (ASX: OZL)

The Oz Minerals share price was halted this morning pending a potential takeover bid.

The Fool reported that Oz Minerals could be an acquisition target by BHP Group Ltd (ASX: BHP).

As my colleague James notes, Oz Minerals rejected a previous bid by BHP in August for $25 per share.

It's now rumoured that BHP has returned to the table with a higher offer.

Shares of the company will remain on ice until 18 November or when the announcement is made, whichever comes sooner.

WA1 Resources Ltd (ASX: WA1)

WA1 Resources extended its trading halt this morning, after requesting a pause on the trading of its shares on Monday.

The resources exploration company has asked for more time to prepare two significant announcements for the market.

First, it wants to release exploration results for one of its sites in Western Australia. Once these results are posted, the company will make an announcement regarding a capital raise.

WA1 Resources expects to make this announcement and for the trading halt to lift next Monday 21 November.

Element 25 Ltd (ASX: E25)

Meanwhile, manganese miner Element 25's shares have been frozen since Tuesday.

The mineral explorer wants to raise money to pay for its new project and to improve its existing operations. It has requested a trading halt in preparation to announce its plans to the public.

Funds will go towards its high-purity manganese Butcherbird in the southern Pilbara region of Western Australia and for other capital expenditure purposes.

The halt will last until 17 November or when Element 25 makes its capital raise announcement.

Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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