Macarthur Minerals to Seek Australian Securities Exchange Listing of its Australian Lithium and Iron Ore Projects
Macarthur Minerals Limited (TSX-V: MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce that the board has resolved to progress an Australian Securities Exchange (“ASX”) Initial Public Offering (“IPO”) of its Australian lithium and iron ore projects, subject to regulatory approval. Macarthur Minerals will maintain majority ownership and control of the ASX IPO listed entity.
David Taplin, President, CEO and Director of Macarthur Minerals, commented:“The board of Macarthur Minerals believes that an ASX IPO of its Australian subsidiaries, which hold its Australian ‘hard rock’ lithium and iron ore projects, will provide improved price realisation for those projects more consistent with its ASX listed peers. Work has already commenced on the ASX IPO process for the Australian subsidiaries. Australian investment and wealth management firm, Shaw and Partners, has expressed interest in acting as lead manager for the ASX IPO. An IPO of the Australian subsidiaries will provide Macarthur Minerals with a well-funded listed entity to advance development of the Australian lithium and iron ore projects.”
The Company’s wholly owned subsidiary, Macarthur Lithium Nevada Limited, will continue to advance the Stonewall Lithium Project, located in Nevada.Australian ‘Hard Rock’ Lithium Projects
The Company has one of the largest lithium hard rock acreage packages in Australia, covering an area of 2,029 square kilometres (501,376 acres) across the Pilbara, Ravensthorpe and the Yalgoo/Edah regions of Western Australia. Initial reconnaissance across the Company’s acreage has been encouraging, including initial assay results from rock chips of up to 3.75% lithium (Li2
O) received at the Yalgoo Lithium Project (see the Company’s announcement dated October 12, 2016).
Australian Iron Ore Projects
The Company owns the Ularring Hematite and the Moonshine Magnetite Projects in the Yilgarn region of Western Australia. The Company has previously invested over A$60 million in progressing the Ularring Hematite Project beyond Pre-Feasibility and the Moonshine Magnetite Project to a Preliminary Economic Assessment. The Ularring Hematite Project has received approval to develop an iron ore mine under Western Australian and Australian Federal environmental laws.
The Company believes that the iron ore projects remain valuable assets with the recovery of the global iron ore market, with a spot price of $US63.04 a tonne today.
Connect with Macarthur Minerals Limited (TSX-V: MMS) to receive an Investor Presentation.