mineral exploration project – commodity prices – mining stock- trade and market

Iron Ore Holdings Ltd., controlled by Australian billionaire Kerry Stokes, jumped to its highest level in almost four years in Sydney trading after Rio Tinto Group said it is considering buying a project.

Perth-based Iron Ore Holdings surged 15 percent to A$1.695, the highest closing price since Jan. 17, 2006.

Rio Tinto, the world’s second-biggest producer of iron ore, is evaluating Iron Ore Holding’s Iron Valley deposit in Western Australia’s Pilbara region and may buy all or part of the project, Rio Tinto said in a statement to the Australian stock exchange today.