Posted in | News | Gold | Copper

Indochine Mining Lists on ASX

Indochine Mining Limited (ASX:IDC) began trading on the Australian Securities Exchange yesterday. The newly listed company is a large scale gold and copper explorer.

The majority of its mineral leases are located in Cambodia. At the Initial Public Offer the company was oversubscribed and managed to raise Australian $20.1 million.

The shares were sold at A$0.20 each once the applications went beyond the minimum subscription of A$12 million. The market capitalization of the company will be about A$ 54 million based on 270 million tradable shares at the offer price. Besides retail investors some leading institutional funds also invested in the company.

Stephen Promnitz the Chief Executive Officer for Indochine Mining said that it was an exciting opportunity to explore in a region known for world-class gold and copper deposits that has seen limited modern exploration.

Cambodia has a stable political environment and a favourable attitude to development. The company has the largest landholding of mining companies in the country. The tenements span over four thousand square kms. Primary exploration has proved encouraging at the Kratie and Ratanakiri projects of the company.

Shares in the company closed on Thursday at A$0.17.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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