Ivanplats Chairman: Eyes Listing In Johannesburg Before London
02/06/2013| 04:15am US/Eastern
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By Alex MacDonald
CAPE TOWN--Canada-listed miner Ivanplats Ltd (IVP.T) is eying a secondary listing in Johannesburg before pursuing a listing in London, said the company's executive chairman Wednesday.
Robert Friedland, the founder and major shareholder in Ivanplats didn't elaborate on the rationale for the listing during the Indaba Mining Conference but he said over the weekend at the GMP Mining Jamboree conference that he was pursuing a $1 billion secondary listing in London over the next three to four months.
Ivanplats is in the process of developing three major projects in Africa, two of which have the potential to become game changers in the mining industry and the third of which will generate significant profits, according to Mr. Friedland.
He said over the weekend that Ivanplats plans to shift its financial operational base to London from Vancouver and also was mulling listing its South African platinum project Platreef on the Johannesburg Stock Exchange under the name Ivanplats. It would then change the name of the holding company in London to Ivanhoe Mines, which Mr. Friedland said he still owns the rights to.
Mr. Friedland Wednesday said the company expects to start production of its Kipushi zinc and copper mine in the Democratic Republic of Congo in 2014 and said previously that its South African Platreef platinum project and the Congolese Kamoa project would take about three years to develop.
On Kamoa, he said the project is expected to become the largest in the world with initial production of 200,000 tons a year at 4% copper grade in the early years. The project will be developed in modular units of 200,000 tons each, he said, adding that he expects to expand Kamoa to up to six units in the future.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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