https://www.engineeringnews.co.za

Evolution Energy lists on the ASX

16th November 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Graphite spin-out Evolution Energy Minerals has started share trading on the ASX following a A$22-million initial public offering (IPO).

ASX-listed Marvel Gold in May this year unveiled plans to spin out and separately list its Chilalo graphite project, in Tanzania, into the Evolution Energy Minerals vehicle.

Evolution has now started share trading on the ASX under the ticker code EV1, with a market capitalisation of A$32-million, applying the IPO price of 20c a share.

“We are extremely pleased with the response from institutional and retail investors in our IPO, which was significantly oversubscribed. Chilalo is a well-advanced graphite asset and having successfully completed the IPO, Evolution is strongly positioned to advance Chilalo towards development,” said executive chairperson Trevor Benson.

“A comprehensive work programme is now under way, firmly focused on achieving this objective.”

A 2020 definitive feasibility study into the project based on an annual throughput of 500 000 t/y to produce around 50 000 t/y of graphite, found that the project would require a preproduction capital investment of $87.4-million.

The study estimated a post-tax net present value of $331-million and a post-tax internal rate of return of 36%, with Chilalo anticipated to generate average annual earnings before interest, taxes, depreciation and amortisation of $74-million over its 18-year mine life.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 0.821s - 140pq - 2rq
Subscribe Now