PERTH (miningweekly.com) – ASX-listed Minemakers has applied for a dual listing on the Namibian Stock Exchange (NSX), the company reported on Thursday.
It said a NSX listing would recognise the importance attached to the Namibian marine phosphate projects that it was currently involved in.
“This move will more readily enable a significant shareholding in the company to be established by Namibian and South African investors,” said Minemakers MD Andrew Drummond.
He said that preparatory work for the secondary listing application had started, and the company expected to start trading on the NSX by May.
The secondary listing would also enable Minemakers to access financial resources in those countries, in order to finance its interest to further develop its phosphate projects.
Minemakers has two Namibian projects, namely the Sandpiper/Meob joint venture (JV), in which it owns a 42,5% stake, and the Rocky Point project, in which it owns a 70% stake.
The Sandpiper/Meob JV area incorporates the phosphate-enriched province to the south of Walvis Bay and specifically includes all the central enriched core area, where published regional mapping shows phosphate concentration of more than 20% by weight.
Minemakers sees development of the Sandpiper/Meob project as the natural expansion strategy for establishing two geographic distribution centres to supply growing global phosphate requirements and places the company in the unique position of having two significant deposits targeting independent fertiliser producers.
The Rocky Point project comprises some 3 000 km2 in granted licences and a further 1 000 km2 under application. The project area incorporates the core area of the marine phosphate mineralisation province, to the north of Walvis Bay, where published regional mapping indicates phosphate content of greater than 20% by weight.