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Global investors back WA gold

INTERNATIONAL investors have shown a keen appetite for Perth-based gold producers, with four companies announcing capital raisings with offshore backing this month. Avoca Resources Ltd has attracted the backing of global investment bank UBS, which has agreed to underwrite a $125 million capital raising for Avoca’s Higginsville gold project. This followed a $26 million investment in Avoca by Swiss investment fund Pala Investments in January. Crescent Gold Ltd has also gained offshore backing, in its case from Deutsche Bank, which has agreed to a $120 million share placement. The proceeds will be used to advance Crescent’s Laverton gold project “and to accelerate broader growth strategies”. Two Perth-based gold companies have joined the growing number of Australian miners turning to the Canadian capital market. Australian Mineral Fields Inc, an unlisted company set up this year by a group of former Placer Dome managers, is planning to raise $5.9 million from Canadian investors. The company also announced a strategic alliance with Canadian mining house Teck Cominco to advance its WA projects. On a much larger scale, Centamin Egypt Ltd is proceeding with a $C140 million ($A153 million) share issue on the Toronto Exchange to support its gold project in Egypt.

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