Seeking a broader shareholder base, Australian-listed Anvil Mining has unveiled a restructuring scheme under which it will list its shares on the Toronto Stock Exchange (TSX).
The restructuring will see it offer an initial $7 million in shares in the Canadian market, while substantial control remains in the hands of existing shareholders. Vancouver-based First Quantum Minerals (FM-T) already holds an 18.6% interest in Anvil and the companies share two directors.
Anvil, which owns and operates the Dikulushi copper mine in the Democratic Republic of Congo, had about 197 million shares outstanding at the end of 2003. At presstime its shares had last traded at A59.
Dikulushi, an open pit that came into commercial production in September 2002, produced 7,000 tonnes copper and 654,000 oz. silver, all in concentrates, in the six months ended December 2003. The production was out of 154,000 tonnes of ore grading 7.12% copper and 209 grams silver per tonne. Its cost of production was US$1,060 per tonne (US48.1 per lb.) after credits for byproduct silver.
Anvil turned a profit of A$4.7 million on revenues of A$19.5 million in the last half of 2003. In the last half of 2002 Anvil lost A$1.2 million on revenues of A$2.3 million.
Under the scheme current Australian shares will be traded for shares in the new company. After that distribution, Anvil plans the Canadian offering for about $7 million. The new shares will trade on the TSX, with CDIs(“Chess” Depositary Interests, registered with the ASX’s Clearing House Electronic Subregister System) trading in Australia.
Anvil plans to schedule a meeting some time in May to seek shareholders’ approval for the distribution and offering.
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