LONDON - Cunico Resources NV, a mining group with operations in Macedonia, Albania, Kosovo and Zambia, confirmed that it plans to float on the main market of the London Stock Exchange.
The nickel, copper and cobalt exploration company is expected to be valued at about 1 bln stg, the Sunday Telegraph previously reported. The paper had mentioned that billionaire Israeli diamond merchant Benny Steinmetz is backing the company and noted that he also controls AIM-listed Bateman Engineering NV.
In 2006, Cunico produced 10,942 tonnes of nickel, 22,451 tonnes of copper and 3,212 tonnes of cobalt from its operations in Macedonia, Albania and Zambia and posted combined sales of 424.1 mln usd.
The funds raised in conjunction with our listing in London will enable us to finance our ongoing expansion programme, capitalise on the potential of our assets and move into a period of significant growth in nickel, copper and cobalt production,' said chief executive Konstantinos Daskalakis.
Upon completion of a four development projects, the company expects to raise its output to about 43,000 tonnes of nickel and 100,000 tonnes of copper.
'Global demand for base metals is strong and we believe this trend is likely to continue,' said non-executive chairman Paul Manduca.
The offer will target institutional investors only and result in a free float of at least 25 pct upon admission. The date and further details of the offer will be announced later. (IFX News)
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