CuDeco eyes Hong Kong listing
PERTH (miningweekly.com) – The share price of ASX-listed CuDeco fell by nearly 14% on Monday on news that the company was considering a secondary listing on the main board of the Hong Kong Stock Exchange.
The company told shareholders that it had no intention of raising any fresh equity from the Hong Kong listing.
CuDeco noted that the dual listing on the Hong Kong Stock Exchange would open new avenues, and would allow CuDeco to pursue future opportunities in Australia and elsewhere, as the company moved forward in developing itself as a major mining house.
“Hong Kong is the financial hub of Asia and the listing will position the company on a major global platform providing access to global institutional investors wanting to take advantage of the potential opportunities in the mining and metals industry in Australia during these times,” the company said on Monday.
CuDeco shareholders would be given the opportunity to have their securities listed on either bourse.
CuDeco was in the final stages of constructing its three-million-tonne-a-year mineral processing facility at Rocklands, in Queensland. The company was currently mining about 30 000 t/d of ore.
The company’s shares were trading at a low of A$1.66 a share on Monday, down from an opening price of A$1.85 a share. CuDeco fetched A$1.95 a share on December 31, 2014.
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