Resolute Mining Limited’s (ASX:RSG) admittance to the Main Market of the London Stock Exchange (LSE) is expected to raise the gold producer’s profile in global investment markets and support the company’s growth plans.
Trading in Resolute shares on the LSE under the ticker RSG is expected to commence at 8.00am GMT on Thursday, June 20, 2019.
The existing listing on the Australian Securities Exchange is unchanged and unaffected by the dual listing with no new equity being raised and no new shares being issued.
“Compelling investment opportunity”
Managing director and CEO John Welborn said: “Resolute presents a compelling investment opportunity for global investors seeking exposure to a dynamic, innovative, dividend paying and responsible gold miner that boasts a strong growth pipeline.
“London is the natural home for large mining companies with an African focus. We believe Resolute will strongly appeal to this international market.”
Resolute owns three gold mines - Syama in Mali, Ravenswood in Australia and Bibiani in Ghana.
The company has a pathway to annual gold production in excess of 500,000 ounces from a global mineral resource base of 16.8 million ounces of gold.
Welborn said: “The dual listing on the LSE is a significant milestone in the ongoing transformation of Resolute and takes place as the company ramps up the new Syama Underground Mine.
“Syama is the world’s first purpose built fully automated underground gold mine which has the potential to produce 300,000 ounces of gold annually over a long mine life.
“We are dedicated to mining gold and creating value for shareholders and we look forward to the new listing on the LSE increasing our global profile.”
The LSE investor base has demonstrated a strong appetite for mining stocks and a deep
understanding of the African operating environment, making the LSE an attractive dual listing venue for Resolute as it pursues dynamic growth.
A$857 million market cap
The company has more than 758 million ordinary shares outstanding, representing a market capitalisation of approximately A$857 million based on the ASX closing price at June 14, 2019, of A$1.13.
Resolute’s existing shares will trade on the LSE as depositary interests. Each depositary interest will represent one Resolute share with shares and depositary interests to be fully transferable between the ASX and LSE.