THE Adelaide branch of the Australian Securities Exchange today welcomed Newport Mining as the 100th company to list on its board.
Minerals explorer Newport Mining joined the board at 11.30am, after raising more than $5 million.
The opening sale of its shares was at 21c, a 5 per cent premium to the issue price of 20c.
ASX manager of companies in Adelaide Justin Nelson welcomed Newport to the exchange and said the listing was a ``momentous occasion''.
It is believed to be the first time 100 companies have been publicly listed in Adelaide since the Australian Stock Exchange was formed in 1987 with the amalgamation of the six capital city exchanges.
Newport Mining initially will target iron, gold, copper and possibly mineral sands in tenements north-west of Ceduna.
``We have a joint venture with Platsearch in an area called Pathfinder which allows us to earn up to 60 per cent with a $1.5 million spend over four years,'' Newport chairman Stephen Evans said.
Mr Evans said Newport would look at other joint ventures with Platsearch or other miners. ``We'll also go out to the world and say is there a good joint venture out there,'' he said.
Mr Evans also chairs explorer Chesser Resources which has a joint venture in Turkey with Eurasian Minerals.
Newport attracted 499 shareholders for its initial public offering, with the top 20 holding about 25 per cent of the company.
At noon, Newport was trading at 20.5c.
NMN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
