24 Oct London Stock Exchange boosted by two mining listings
Canada’s Taseko Mines and Australia-based TNG Ltd both announced plans to list on the London Stock Exchange (LSE), in a boost to the market which has recently been weighed down by Brexit-related uncertainty.
Copper producer Taseko is already listed in Toronto and New York, but hopes to join the LSE by the end of the year, while vanadium developer TNG is looking to make London its secondary listing after the main Australian board.
North America-focused Taseko operates the Gibraltar mine in the Canadian province of British Columbia and is developing the Florence copper project in the US state of Arizona, which is nearing production.
“Given the quality of our North American asset base, and the near-term development of Florence copper that will transform Taseko into a multi-asset, low cost producer, we feel the timing is right to list on the LSE,” said Taseko’s chief executive Richard Hallbauer.
Meanwhile, TNG’s flagship project is the Mount Peake vanadium-titanium-iron project in the Northern Territory of Australia. The company expects to complete the London listing by 2020 but is unsure as to whether it will raise funds through the IPO.
Managing director and chief executive Paul Barton said: “[The move is] an important part of the overall funding strategy for Mount Peake.”
The London market has historically enjoyed a strong representation of resources companies, particularly those in the vanadium and strategic metals sectors.