China Africa Resources starts trading on AIM
Shares in China Africa Resources (LON:CAF) were this morning trading at a penny premium to their 40 pence listing price.
AIM's latest debutant raised £4.7 million from the IPO and has market value of £9.2 million.
Its main shareholders are Eastern China Non Ferrous Metals Investment (ECE) with 65 percent and London-listed copper miner Weatherly International (LON:WTI) with 25 percent.
Other shareholders hold 10 percent of the firm.
The CEO of the firm will be the chief executive of Weatherly International Rod Webster.
Around £2 million of funds raised will be used to fund the feasibility study on company's only asset, the Berg Aukas lead zinc mine in northern Namibia.
Whilst the immediate focus of the firm is the development of Berg Aukas, its strategy is to build a profitable and widely based resource business and may include the acquisition of additional assets from Weatherly, ECE or third parties, the company said.
The project has shown previously - in a non-compliant mineral resource estimate - that significant, high grade, lead, zinc and vanadium was present.
However, currently there is insufficient data to establish the precise location of remaining resources within the mine or to verify the previous estimation. These can only be established and validated by completing the 3D modelling of available data and diamond drilling.
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