Tulla Resources is expected to hit ASX with a $300 million market capitalisation and $100 raising for the float.The listed Tulla Resources would come to market as a one asset play, initially owning a 50 per cent interest in the Norseman Gold Project in Western Australia’s Eastern Goldfields.
The mine is expected to start producing gold in the second quarter of next year, and is a joint venture with ASX-listed Pantoro Limited. The project has a 4.2 million ounce mineral resource and an ore reserve of 602,000 ounces.Tulla Resources already owns a 7.1 per cent stake in Pantoro and has entered into a farm-in and JV agreement for a 50 per cent share and operatorship of the Norseman project with the $331 million listed company.
It is understood Maloney family members Kevin Maloney and his son Mark would serve on the listed company’s board as executive chairman and executive director, respectively.Kevin Maloney is well known among investors as the former CEO and executive chairman of mine site accommodation company The MAC Services Group, which was taken over in 2010 for $651 million."
