Australian copper miner 29Metals launches A$609m IPO
Australian copper miner 29Metals and its shareholders are seeking to raise as much as A$609.1-million ($471-million) in an initial public offering (IPO) in Sydney, potentially marking the country’s second-largest listing to date this year.
The company plans to issue A$245 million worth of new stock while current shareholders including EMR Capital Advisors are offering as much as A$364.1-million of existing shares, according to terms of the deal obtained on Monday by Bloomberg News.
The listing could revive a strong start to the year for IPOs in the country, where three prospective offerings potentially worth almost A$900-million were recently withdrawn. A hopeful sign for the market came Friday when Link Administration Holdings forged ahead with a A$1.18-billion listing plan for its unit Torrens Group Holdings, despite fielding a private equity offer for the business.
Existing shareholders will own about 45% of 29Metals after the IPO, the terms show. The company is set to start taking investor orders on Friday and to begin trading on the Australian Securities Exchange on June 23.
29Metals’ assets include the Golden Grove copper mine and Capricorn Copper, both in Australia, and Redhill in Chile, according to its website.
The offering comes after spot copper prices touched their highest in almost a decade last month, as investors focus on commodities critical to stimulus-driven infrastructure building and the green-energy transition. 29Metals also joins a tide of resources IPOs in Sydney that have succeeded despite the Covid-19 pandemic. The Australian market outshone other major capital markets for mining including Toronto and London by the number of offerings in the past 12 months, according to data compiled by Bloomberg.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
