- 29Metals shares debuted at $2 at noon AEST today
- The copper play raised close to $530 million in its IPO process
- The funds set the company up to do further exploration work surrounding its existing Australian projects
- It will also do further work at tenement package at Redhill in Chile
- 29M close up 2 per cent at $2.04 on Friday
29Metals (29M) shares closed up 2 per cent today after debuting at $2 at noon AEST.
The debut was meant to be a year ago, but was postponed partly due to COVID.
However MD and CEO Peter Albert said the timing was now ideal given copper’s recent price rise.
The company raised close to $530 million in the IPO process ($527,790,500), funds which set the company up to do further exploration work surrounding the existing projects and also with a tenement package at Redhill in Chile.
The 29Metals portfolio has been owned by – and put together by – EMR Capital, a private equity group, which has retained 45 per cent ownership.
Mr Albert said EMR had invested $400 million into the portfolio prior to listing.
“We couldn’t have picked a better time to be coming onto the market,” he said.
The company has two projects, both operational mines: Golden Grove in Western Australia (WA) and Capricorn in Queensland.
“The two Australian assets are operating mines, they’re high quality mines and they each have 10 years of mine life,” Mr Albert said.
“Across the assets, there’s a copper equivalent grade of 3.2 per cent copper and when you’ve that sort of grade and that sort of mine life, with the exploration and resource of development and reserve potential, they’re just really top quality assets coming into the market at the right time.”
Reflecting its copper focus, the company is called 29Metals as 29 is the atomic number for copper.
29M closed up 2 per cent at $2.04 on Friday.