A South Perth-based gold developer hoping to get rich quick in West Africa is raising $120 million to list on the Australian Securities Exchange.
Robex Resources launched its initial public offering on Tuesday with a view to start trading on the bourse during early June.
The outfit is led by former Tietto Minerals chief executive Matthew Wilcox and is already listed on the Toronto Stock Exchange.
IPO shares will be dished out at $3.11 each, representing a 15 per cent discount to Robex’s last trading price on the TSX and giving it a market capitalisation of about $675m.
Canaccord Genuity and Euroz Hartleys are running the share placement.
Robex’s main focus is getting the Kiniero gold mine back into production by the end of this year.
The company took over Kiniero in 2022, about eight years after mining stopped, and plans to restart the mine with a new processing plant.
“The existing mining infrastructure will be refurbished and expanded with minimal additional infrastructure required,” Robex has stated.
About $278m has been allocated for Kiniero’s future mine development, according to the IPO prospectus, and the company’s debt will be about $86.8m post-listing.
Kiniero has a mine life of at least 9.5 years and all-in sustaining costs of $US980 an ounce.
“Robex has also commenced an extensive drilling program on the numerous deposits identified to increase the resource base and extend the mine life at Kiniero primarily by increasing drilling density at depth and along the known lateral extensions.”
Robex, which has an office in the Canadian province of Quebec, is also mulling mining prospects in the neighbouring gold-rich country of Mali.
Mr Wilcox has experience building and running mines in the West African nations of Burkina Faso, Cote d’Ivoire and Guinea.
