(Alliance News) - Tungsten West, the owner of a historic tungsten mine in Devon, west England is preparing for a initial public offering on AIM with a GBP100 million valuation, the Sunday Times reported.
The Hemerdon mine on the edge of Dartmoor holds one of the biggest tungsten deposits outside of China, the newspaper noted.
Tungsten West is hoping to raise up to GBP20 million in equity and a further GBP40 million in debt, according to the Times, adding it is backed by former JP Morgan Chase & Co banker Ian Hannam and Moneysupermarket.com Group PLC co-founder Simon Nixon.
The company's chief executive, Max Denning, bought Hemerdon out of receivership in 2019, after previous owner Wolf Minerals ran out of cash, the Times said.
Wolf Minerals itself was listed on AIM until late 2018, before falling into insolvency. It operated the Drakelands open pit mine in Devon.
Tungsten has the highest melting point among metals. It is alloyed with other metals to strengthen them, such as for drills and other cutting tools.
By Tom Waite; email@example.com
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