01 Jun Australian copper miner 29Metals eyes up $471 million IPO
29Metals – a growing player in the Australian copper mining business – is looking to raise up to US$471 million in an initial public offering (IPO) in Sydney, after a period of touting its assets to the investor space.
The EMR Capital Advisors-backed company plans to issue $189.5 million in new stock while current shareholders are offering up to $281.5 million of existing shares, according to terms of the deal obtained by Bloomberg News.
The terms show that existing shareholders will own about 45% of 29Metals after the IPO. The company is set to start taking investor orders on Friday and to begin trading on the Australian Securities Exchange (ASX) on June 23.
29Metals produced 87,000 tonnes of copper in 2020, including production from its Golden Grove operation and from a mine in Queensland called Capricorn Copper. The two mines have collective reserves totalling around 1 million tonnes of copper equivalent, while the company also owns an asset in the world’s top copper producing nation – Chile.
The listing is expected to value 29Metals at up to $927 million, which would make it the biggest copper IPO in memory.