JOHANNESBURG (miningweekly.com) – Australia’s IMX Resources was advancing plans to restructure its Tanzanian assets, announcing on Tuesday that it had received conditional approval from the ASX to list its pure play, graphite-focused entity, Graphex Mining.
The company, which would shortly announce an expected date for the trading of Graphex shares to start, also reported that it had received the A$7-million in proceeds of the Graphex initial public offer (IPO).
“There was strong demand under both the priority offer to IMX shareholders and the general offer, with the offer heavily oversubscribed and significant scale backs required,” IMX MD Phil Hoskins reported in a statement.
IMX previously reported that Graphex would seek to raise a minimum of A$4.25-million, and up to A$7-million through the IPO.
Graphex’s main asset is the Chilalo project, within the Mozambique belt, where at least two other ASX-listed companies, Syrah Resources and Magnis Resources, also own deposits. A prefeasibility study estimated that the project will produce an average of 69 000 t/y of graphite concentrate, over a ten-year mine life, and will require capital of $74-million to build.
In March, the National Environment Management Council of Tanzania issued an environmental certificate for the project, which is a prerequisite for the grant of a mining lease.