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Interfax.com  |  Interfax news  |  Central Asia Metals raises $186.6 million from...


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September 25, 2017 12:17

Central Asia Metals raises $186.6 million from LSE offering

ASTANA. Sept 25 (Interfax-Kazakhstan) - Central Asia Metals (CAML) raised $186.6 million from selling ordinary shares on the LSE, the company said.

The company issued a total of 49,150,000 new ordinary shares and 10,605,875 existing ordinary shares.

Total proceeds reached $186.6 million, including approximately $153.5 million in primary proceeds and $33.1 million in secondary proceeds.

The company plans to use the proceeds to fund part of the cash portion of the consideration for the proposed acquisition by CAML of Lynx Resources Limited (Lynx) from Orion Co-Investments III and Fusion Capital for consideration of $402.5 million.

J.P. Morgan Securities, which conducts its UK investment banking activities as J.P. Morgan Cazenove, and Peel Hunt are joint bookrunners. Mirabaud Securities Limited is a co-lead manager in connection with the issue.

The acquisition of a 100% holding in Lynx by CAML is expected to be completed in the 4th quarter of 2017.

Lynx owns an effective 100% interest in the SASA Mine. It currently has offices in Macedonia, Switzerland, and Bermuda.

In 2016, the SASA Mine produced 783,000 tonnes of ore, which generated 22,515 tonnes of zinc in concentrate and 28,955 tonnes of lead in concentrate.

Central Asia Metals (CAML), incorporated in the UK, owns 100% of the Kounrad solvent extraction and electrowinning (SX-EW) copper recovery plant in central Kazakhstan, and 80% of the Shuak copper exploration project in northern Kazakhstan. CAML also owns a 75% interest in Copper Bay, a private company that owns the Copper Bay project in northern Chile.

CAML built the Kounrad plant in central Kazakhstan in early 2012 and started copper production in April 2012.

The company has been trading its shares on the London Stock Exchange since 2010. Kenes Rakishev owned a 19% stake in CAML.

Kz mc nb

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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