Central Copper Resources, a company focused on delivering copper assets in the Democratic Republic of the Congo (DRC) and Zambia, intends to apply for admission to start trading on the Aim market of the LSE.
Concurrently with admission, it is proposing to raise equity through the placing of new ordinary shares, the proceeds of which will be invested primarily to advance the high-grade Mbamba Kilenda copper project in the DRC towards production and to continue high-impact exploration at both its Titan project, in the DRC, and its Lunga project, in Zambia.
Prior to admission, the company will be re-registered as a UK public limited company.
Central Copper holds a 65% interest in 13 permits covering a contiguous area of about 770 km2 in the DRC and an exploration permit covering an area of 292 km2 in the Lunga basin in Zambia.
On admission, the company will also hold an effective 15.6% interest in the highly prospective Kayeye copper exploration project, located in the southern DRC.
By 2022, the company intends to be ready to start the project financing of its Mbamba Kilenda copper project.
“Our admission to Aim and the proposed equity raise will enable Central Copper to become a midtier copper company by advancing our flagship high-grade Mbamba Kilenda copper project through the prefeasibility study towards production in the near term.
“Also, we look forward to building value through exploration, particularly with Titan undertaking its first drilling programme at Kayeye, which is located along strike from Ivanhoe’s Kamoa-Kakula copper mine.
“We believe that we are listing on the Aim at a good time in the project life cycles of the portfolio and, given the recent performance of the copper price. The group is looking forward to access the capital markets in London and to build on its current strong shareholder register,” CEO Kevin van Wouw says.