25/06/2009 - 15:02

Norseman Gold makes premium ASX debut

25/06/2009 - 15:02

Bookmark

Save articles for future reference.

West Perth-based miner Norseman Gold has made a stunning debut on the Australian stock market today with its shares closing at a 20 per cent premium.

West Perth-based miner Norseman Gold has made a stunning debut on the Australian stock market today with its shares closing at a 20 per cent premium.

Norseman, which is also listed on London's Alternative Investment Market, raised $9 million in its initial public offer through the issue of 20 million shares at 45 cents each.

Shares in the company opened at a high of 62 cents before briefly touching a low of 51 cents. The share price closed at 54 cents which over 2.7 million shares traded.

The company operates the Norseman gold mine, around 200 kilometres north of Esperance, which it bought from Croesus Mining in 2007 for $66 million.

Norseman Gold has been operating the mine since early 2007.

The company aims to increase gold production at the operation by opening a third mine, with gold to be processed at the Pheonix treatment plant, which has a capacity to process 700,000 tonnes each year.

Currently the plant is processing 400,000t/year.

Norseman was previously known as Davos Resources.

Norseman is the second Western Australian company to list on the stock market this calendar year with Dragon Energy the other business.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options