Brazilian Rare Earths, which is backed by mining magnate and Australia’s richest woman Gina Rinehart, will list on the ASX with a market capitalization of $315 million ($220 million).
The company will hit the bourse on December 18. The listing is by way of 34 million new shares at $1.47 ($0.93).
Canaccord Genuity and Petra Capital are working to raise $32 million. Rinehart’s Hancock Prospecting took part in the company’s pre-IPO raise.The company has 461 square kilometers of tenements in Brazil with a maiden JORC resource of 169 million tonnes at 1,526 parts per million total rare earth oxides.
The project in Bahia, northeastern Brazil, is one of the few potential producers with offtake not already committed to China.
(20min delay)