The enthusiasm with which some parts of the Australian electorate embraced the Palmer United Party appears to have rubbed off on Clive Palmer's main sharemarket vehicle, Australasian Resources.
Australasian shares have almost trebled in value since the September 7 election, including soaring 47 per cent to 14.5c yesterday on high trading volumes for the tightly held stock.
Mr Palmer controls 69.8 per cent of Australasian, which hopes to mirror CITIC Pacific and build a magnetite mine on Mr Palmer's Pilbara tenements.
It is unclear why Australasian is suddenly attracting investor interest. It is no closer to fulfilling its iron ore dream and CITIC's Sino Iron mine remains troubled by commissioning issues.
Australasian's rapid price rise has seen the value of Mr Palmer's stake jump from $12.6 million to $49.5 million in just one-and-a-half weeks.
It remains off its record $2.45 high in January 2008 - which would value Mr Palmer's stake at $837 million - but is at a far cry from the 2.1c low it fell to three months ago.
Australasian chairman Domenic Martino could not be reached for comment last night.
The Australian Securities Exchange is likely to keep a close eye on the share price and trading volumes of Australasian, which in the past has gone days without being traded.
Only on Monday, the market operator queried Australasian because of a share price that had jumped from 5.5c to 8.5c over three trading days. In its response, Australasian said it was unable to explain the price rise.
Mr Palmer has long held vast tracts of land at Cape Preston, south of Dampier. He sold the rights to mine two billion tonnes to CITIC for more than $400 million cash and royalty promises.Australasian has a joint venture with Mr Palmer's Mineralogy to mine two billion tonnes adjacent to Sino Iron, but is yet to find a funding partner for the Balmoral South venture.