PERTH (miningweekly.com) – ASX-listed American Pacific Borates (ABR) was on track to complete its listing on the NASDAQ by February.
The company on Monday announced that it had received comments from the US Securities and Exchange Commission (SEC), requesting additional administrative clarification.
Subject to the timing of further SEC comments and court approval, the company continues to target the previously released date of February 15 as the expected commencement of trading on the NASDAQ.
ABR in October last year announced plans to pursue a primary listing in the US and to change its name to 5E Advanced Materials, in order to deliver shareholder upside from broader investor exposure to its flagship Fort Cady integrated boron facility, in Southern California.
The company is planning to maintain a secondary listing on the ASX.
The starter Fort Cady project would target a production rate of 40 000 t/y sulphate of potash (SoP) and 9 000 t/y of boric acid, increasing to 90 000 t/y SoP and 80 000 t/y boric acid during Phase 1B.
The Phase 2 project would ultimately increase production to 109 000 t/y SoP and 408 000 t/y boric acid, while the Phase 3 development would push production to 400 000 t/y of SoP and 450 000 t/y of boric acid.
An updated bankable feasibility study on the project is due in the second quarter of this year, after which ABR will move into construction-related activities.