Resolute Mining has announced plans to list on the London Stock Exchange, just a day after fellow Africa-focused miner MOD Resources was admitted to the LSE.
In a statement to the ASX, Resolute said it intends to seek admission to the Main Market of the LSE during the first half of 2019 and it would retain its ASX listing.
Resolute’s primary project is its Syama gold mine in Mali, with Ravenswood in Queensland and Bibiani in Ghana its two other mines.
It expects these three gold mines to produce a combined 300,000 ounces this financial year at all-in sustaining costs of $1,280/oz.
Yesterday Resolute revealed plans for a 40MW hybrid solar and diesel plant to power its automated, underground Syama mine.
Resolute managing director John Welborn said the time was right for a strategic move into a bigger market.
“The London Stock Exchange is a natural home for large mining companies with African exposure,” Mr Welborn said.
“With sub-level caving due to commence at the Syama Underground Mine in the coming weeks, and the associated increasing market relevance of the world’s first fully automated underground mine, we believe now is the perfect time to seek a listing on the Main Market of the London Stock Exchange.”
Copper-focused MOD Resources commenced trading on the LSE yesterday.
This comes after the company moved to full ownership of its T3 copper project in Botswana, after purchasing the remaining 30 per cent from Metal Tiger in a scrip deal worth $26.6 million, with a feasibility study on the project due for completion in March 2019.
MOD managing director Julian Hanna said the listing would complement the company’s African focus.
“The listing allows us to introduce MOD Resources to European and UK investors as we look to develop into a substantial copper producer,” he said.
“The LSE has a strong track record as a leading destination for companies with African mining assets, making it a natural dual listing destination for a company like ours with an exciting copper portfolio in Botswana’s Kalahari Copper Belt.”
MOD retained its ASX listing as the company’s primary listing.
Resolute’s shares fell 3.12 per cent to trade at 93 cents each by the close of trade.
MOD’s shares rose 1.41 per cent to trade at 36 cents each by the close of trade.