Mining Eye

Mining Eye Q2 2013


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Top five equity placements (Q2 2013)

Company Total raised Primary use of proceeds
Metals Exploration


Toward mine construction at its Runruno gold-molybdenum project in the Philippines.
Beacon Hill Resources £10.7m For infrastructure upgrades at the Minas Moatize coal project in Mozambique, ahead of the start of coking coal exports later in the year.
Eastcoal £4.9m Capex and development costs at the Verticalnaya coal mine in Ukraine, and general working capital.
Vatukoula Gold Mines £3.6m Includes first tranche of a strategic investment for working capital while the company looks to secure debt financing.
Horizonte Minerals £3.1m To fund the Araguaia nickel project in Brazil through the Pre-Feasibility Study.

Source: London Stock Exchange, company announcements

Selected financings announced or closed in Q2 2013

Company Total proceeds Type Investor
Primary use of proceeds
Highland Gold Mining $250m Debt facility Gazprombank For the $212m acquisition of the Kekura gold deposit and surrounding license area
Archipelago Resources $160m Debt facility + offtake Standard Chartered Bank, PT Bank Permata TBK For refinancing of existing debt and general corporate purposes
IMIC $50m
Unsecured bonds
Convertible bonds
Bridging loan
Institutional investors
Bank of America Merrill Lynch
Toward the acquisition of Afferro Mining
EMED Mining $15m Convertible loan note Yanggu Xiangguang Copper Co. Ltd; RK Mine Finance (Master) Fund II LP For final permitting, preliminary restart activities at the Rio Tinto mine and general corporate purposes
Horizonte Minerals £8m Equity financing facility Darwin Strategic For additional funding flexibility as the company advances its Araguaia nickel project in Brazil.

Source: company announcements

Equity fundraising on AIM - mining and all AIM (2004 - Q2 2013)

Source: EY, AIM market statistics