30/06/2008 Sunkar Resources joins AIM
30 June 2008
The London Stock Exchange is delighted to welcome Sunkar Resources to AIM.
Sunkar is a UK registered company that aims to be an integrated phosphate fertiliser manufacturer. The Company has a 90% interest in Temir-Service LLP, a limited liability partnership established under the laws of the Republic of Kazakhstan, which is the main country of the Company’s operations. Temir Service LLP holds the subsoil use contract with the Ministry of Energy and Mineral Resources in Kazakhstan, for the production of phosphorite ore on the Chilisai Deposit.
The Chilisai phosphate deposit is one of the largest known deposits in the FSU. The CPR set out in the admission document indicates that the resources are sufficient for a 56 year mine life at the rate of 10 million tonnes of ore mined per year.
Canaccord Adams Limited and GMP Securities Europe LLP acting as joint brokers to the company have raised a total of £33.6 million before expenses through a placing of 28,000,00 shares at 120p, giving Sunkar Resources a market capitalisation of approximately £191.8 million.
Canaccord Adams Limited is the Nominated Adviser to the company.