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(Alliance News) - Constance Iron Ltd on Monday said it is considering an initial public offering as a standard listing on the Main Market of the London Stock Exchange.
Constance Iron is a Sydney, Australia-based iron ore company with a strong interest in the development and production of iron ore assets.
The company said it is aiming to raise at least GBP60 million, which will be used to fund the exploration and development of its Norseman Iron Order Project and the exploration of its Constance Range Iron Ore Project. Both of the magnetite iron ore projects are based in Australia.
Constance Iron noted that it holds a 65% interest in the Norseman project and 100% interest in the Constance Range project.
The company said the Norseman project has an exploration potential of 362 million to 938 million tonnes of magnetite at an average grade of 35% iron, while the Constance Range project has a previous JORC inferred resource of 6.1 million tonnes at 40% iron.
Constance Iron's chair is Adam Giles, a former chief minister of Australia's Northern Territory and member of the state's parliament from 2008 to 2016. He is the current chair of Locksley Resources Ltd, an Australian copper exploration company.
Chief Executive Officer David McKenzie has 30 years of experience across base metals and iron ore processing and open pit mining operations. He held senior management positions with natural resources companies BHPB Cannington and Rio Tinto PLC West Angelas. He was the chief operating officer of Constance Iron from April to September 2021.
CEO David McKenzie said: "The IPO of Constance Iron on the London Stock Exchange provides investors with exposure to a developer of targeted high-grade, low-impurity magnetite iron ore, an essential component to the production of 'Green Steel', which is necessary as the world continues to develop and urbanise in an environment increasingly seeking reduced emissions.
"Our proximity to existing infrastructure and plan to use dry magnetic separation means that we have an initial low-capex model with a short development timeline. We believe that these advantages when combined with a product, for which we expect there to be high global demand, will enable us to generate returns for shareholders following the IPO."
By Harvey Dorset, Alliance News reporter
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