Coda makes ASX debut

Prospective copper-cobalt miner Coda Minerals has successfully listed on the ASX after completing an $8.5 million IPO.

Shares in the West Perth-based explorer were trading at $0.46 at closing, down $0.03 on opening and up $0.16 on issue, with an approximate market capitalisation of $38 million.

The company is currently exploring about 700 square kilometres of land in the Gawler Craton in South Australia, with funds raised to be put towards an exploration campaign in the northernmost section of its Elizabeth Creek project.

Coda chair Keith Jones, who also sits on the board of Ora Banda Mining, said he was delighted to have received the support of shareholders and the executive team, and that extensive exploration of Elizabeth Creek would take place over the next 18 months.

In the same announcement, chief executive Chris Stevens similarly hailed the project as a priority target for the company.

“We are focused on building shareholder value as we systematically explore the Elizabeth Creek tenement package for both Zambian style copper-cobalt and Olympic Dam style IOCG copper deposits,” Mr Stevens said.