RE: Dual Listing28 Nov 2018 06:40
The first time I clicked it let the article open but now it is asking to subscribe. Luckily I still had the page open so here is the body of text from the Australian.
Greatland Gold eyes dual listing after Paterson Range discovery
The English company behind last week’s eye-catching gold discovery in a remote corner of Western Australia is now looking into a potential listing on the Australian stock exchange.
Greatland Gold last week unveiled one of the most spectacular drill results to come out of Australia in recent memory, announcing it had intercepted hundreds of metres of high-grade gold mineralisation deep beneath the Paterson Range — the same region where mining giant Rio Tinto is rumoured to have made a big copper discovery.
Greatland managing director Gervaise Heddle told The Australian the company was in the early stages of looking at a potential dual-listing here.
“There’s quite a lot of increased compliance by having the dual listing, but if you are having this sort of success in Australia, it potentially makes sense to provide Australian investors with an easier way to buy the stock,” he said.
The case for an Australian listing appeared to be supported by the market’s response to last week’s drill results. The results were announced on Monday night, with the stock jumping 18 per cent as London-based investors responded to the news, but surged by more than 30 per cent the following night after the results were reported by Australian media on Tuesday.
Mr Heddle, an Australian who has had a long career as a fund manager with Merrill Lynch and Macquarie, said there were pros and cons associated with being an exploration company listed in Britain.
“London is generally a good place to raise money and there’s a good capital pool there,” he said. “The only issue with London is they don’t necessarily appreciate the Australian mining and exploration industry as well as people do in Perth and even Sydney and Melbourne.”
The drilling at Havieron was carried out by drilling contractors DDH1, which has agreed to be paid in Greatland scrip.
Interestingly, DDH1 is also one of the contractors working for Rio at the miner’s mysterious Winu prospect elsewhere in the Paterson Range.
Last week’s drill hole at Greatland’s Havieron prospect, east of Newcrest’s ageing Telfer gold mine, returned a combined 275m of mineralisation grading 4.77 grams of gold per tonne and 0.61 per cent copper.
The discovery is deep, however, with the mineralisation starting from 459m beneath the surface — a fact that would make any future development of Havieron particularly costly.
While the potential of the Paterson Range has been known for years, given both Telfer and the big Nifty copper deposit were found there decades ago, Mr Heddle said it had proved a logistically challenging place to explore due to its heat, remoteness and big sand dunes.
Make of it what you will - GLA - Paddy
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