Western Areas sells stake in Bluejay for A$27m
PERTH (miningweekly.com) – Nickel miner Western Areas has sold its 18.8% interest in Aim- and FSE-listed Bluejay Mining for A$27-million, the company announced on Friday.
"This transaction will return material value back to Western Areas following a period of significant growth and value generation by Bluejay. It also assists in the transformation of Bluejay into a mineral sands developer with a stronger, and more appropriate, institutionally owned share register," Western Areas MD and CEO Daniel Lougher said.
Bluejay, which is which is developing the Pituffik titanium project, in Greenland, and owns a portfolio of copper, zinc and nickel projects in Finland, on Friday announced that it had raised £3.5-million before expenses in a share sale and private placement to institutional investors.
Bluejay CEO Roderick McIllree, who thanked Western Areas for its support over the last several years, said the offer was well covered by more than two times.
He added that the outcome of the share sale had led to a well-structured reorganisation of the company's shareholders. "We now have a significant UK-centric institutional register, which befits the company as we now move into a period of prolonged growth."
The dual-listed company would use the net proceeds of the equity fundraising to fund development work in relation to the Pituffik project and for general working capital purposes.
Meanwhile, Lougher said that Western Areas would use the A$27-million that it reaped from the Bluejay share sale to fund its organic development and growth projects, such as the Mill Recovery Enhancement Project at Forrestania and the Odysseus definitive feasibility study at Cosmos.
Comments
Research Reports
Projects
Latest News
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Press Office
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
