mt norma and cloncurry new mining ipo

A poster a while back was asking about stocks that mine in the Cloncurry and Mt Norma district so thought this IPO might be of interest.

QMC looking to mine the ASX

By a staff reporter

Emerging copper and gold producer Queensland Mining Corporation (QMC) is looking to raise up to $15 million in its initial public offering and float on the Australian share market.

QMC said it the offer would have a minimum subscription of $6 million and would offer 30 million shares at $0.50 each, with the company offering an oversubscription worth another $5 million.

QMC said it would use the funds to explore copper-gold resources at its Mount Norma mine 40 kilometres south-east of Cloncurry. The company said Mount Norma has a copper sulphate inventory of 80,000 kilograms available for sale and had identified new mineralisation since recently acquiring the mine from CuDeco for $9 million.

QMC said it plans to increase production of copper sulphate at Mount Norma to 10 tonnes per day in the short term and thereafter increase production to 18-20 tonnes per day. This production increase will be supported by copper oxide ore from the mining leases held in the Duck Creek area and other mining leases of QMC.

The company holds 243 square kilometres covered by 47 granted mining leases, five mining lease applications, two exploration permits, four exploration permit for minerals applications pending and three mining claims located in the Mount Isa and Cloncurry regions.

The issue opens on January 10, 2008 and is expected to close February 15, 2008.