Metals of Africa makes solid ASX debut

Mozambique-focused Metals of Africa has made a successful debut on the Australian Securities Exchange, its shares closing 3 cents above their issue price after their first day of trade.

The Perth-based exploration firm closed trade today at 23 cents, up from its IPO price of 20 cents per share.

Metals of Africa's $3 million initial public offering closed oversubscribed last week.

The company holds a portfolio of exploration licenses in Mozambique, and is targeting base metals mineralisation.

Its Rio Mazoe project, in Mozambique’s Tete province, was originally identified by BHP as prospective for mineralisation similar to that found in Broken Hill, an area that has produced more than one billion ounces of silver.

Mindax chairman Gilbert George will also chair Metals of Africa.