Union Resources (ASX.UCL) has broken out, achieving new highs. The stock was 0.9c yesterday, now its trading at 1.2c. This stock has a lot of upside, so I suggest people should hang on. There is no announcement out yet, but the quarterly due soon will shed more light on their offshore phosphate mining project in Namibia. Possibly there is news about the base metals project in Iran...but who knows. You can certainly trade this stock, but there is a bigger story unfolding here. The Iranian Ministry might have capitulated...allowing them to proceed with development of the world's largest undeveloped zinc-lead deposits. More likely there is the prospect of finance on the phosphate project given rising food prices. This project is far better than anything I've seen offered in Australia. e.g. Minemakers being its JV partner. Minemakers has had a rally lately. I do believe this company is getting set to make a bid for Union Resources. Not that I want to be the source of any rumours. This sector is already 'consolidated' with most output coming from Morocco (North Africa).
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