Astra Mining, an unlisted public Australian diversified mining company, has reconfirmed its intention to list on the Frankfurt Stock Exchange which was agreed at an Extraordinary General Meeting held in June 2011.
The CEO of corporate advisory firm Stepping Stone Equity, Terry Richards, which is assisting in the listing, said in spite of the global market turmoil in recent weeks, as well as the downgrade of sovereign debt rating in the US, Astra’s unconditional listing on the Frankfurt Stock Exchange and its anticipated listing price remains unaffected.
“The present global economic situation will not impact upon the €200 million line of equity secured to provide working capital and a project stand-by facility for the company after the listing,” Mr Richards said.
“Germany continues to grow and the Deutsche Börse is one of the best performing markets in the world this year.
“The global outlook for commodities over the next 20 years is extremely strong, built on the back of a shift in the global demographic structure, increased demand of the emerging nations, resources shortages and an ageing population.”
Astra Mining’s global portfolio includes gold and tin interests in Southeast Asia and southern India, coal mines in Australia and Africa, iron ore in India and Africa, and the production of the high-strength T-Steel technology in Hungary.
It is understood that Astra Mining, which is to be listed through its UK company Astra Resources Plc in September or October, has received significant support from a New York fund management firm and investment bank to provide Astra with an underwriting agreement subject to Astra Resources Plc issuing a prospectus and listing on the Frankfurt Stock Exchange.