30/09/2010 The London Stock Exchange welcomes Central Asia Metals Plc to AIM
Central Asia Metals Plc is a mining exploration and development company, with interests in a number of copper, gold and molybdenum mining assets in Kazakhstan and Mongolia.
In Kazakhstan, the Company has advanced plans for the construction of a plant at the former Kounrad copper mine that will have the capacity to deliver 10,000 tonnes per annum of near term, low-cost copper production. Production at the plant is expected to commence in the fourth quarter of 2011.
Central Asia Metals Plc also has exploration opportunities with the potential to deliver substantial additional upside. One of these is Alag Bayan in Mongolia, where the Company is focused on outlining a potentially significant copper/gold porphyry target. This asset is situated close to the Oyu Tolgoi mine being developed by Rio Tinto and Ivanhoe Mines. The Company also plans to further develop its molybdenum exploration project, Handgait, in Mongolia.
The shares will be quoted on the AIM market of the London Stock Exchange. Central Asia Metals Plc has placed 39,735,100 new ordinary shares through Mirabaud Securities at 96p each raising £38.1 million, giving a market capitalisation of approximately £82.7 million, at the placing price. The shares will be admitted to trading at 08.00 on 30 September 2010.
Nick Clarke, Chief Executive of Central Asia Metals Plc, said:
“We are delighted that the Company’s shares will commence trading on AIM. The IPO will help to raise the Company’s profile internationally, and the proceeds will be used to fund the construction of a commercial SX-EW plant at Kounrad, Kazakhstan, and to further develop the Company’s exploration assets at Alag Bayan and Handgait, in addition to funding working capital. We look forward to keeping our new shareholders informed of the Company’s forthcoming developments.”
The nominated advisor is KPMG Corporate Finance / Susan Walker. The broker is Mirabaud Securities LLP / Peter Krens.