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Copperzone Resources says may float shares in 2017/18
February 9, 2017 / 10:22 AM / 8 months ago

Copperzone Resources says may float shares in 2017/18

CAPE TOWN, Feb 9 (Reuters) - Canada-based Copperzone Resources could list on the Toronto or London stock exchanges within the next two years to raise money to fund its exploration ventures in Zambia’s copper belt.

“We are a private company so it’s a continual assessment but this year or next year looks more likely than before,” the company’s chief geologist and director Paul Lemmon told Reuters on the sidelines of an annual mining summit in Cape Town.

Copperzone is exploring on 22 sites in Zambia but Lemmon said a promising project in the northern province of Loupolo was at an advanced stage and could receive the bulk of the proceeds from any listing.

The company has signed agreements with BHP Billiton , Rio Tinto and Vale to develop at some of its licenses.

Copper prices on the London Metals Exchange rose for the first time in three years in 2016 and many analysts expect them to remain stable this year.

Lemmon said there were still benefits to staying private as the organisation was small and nimble, adding that many of the company’s now-listed peers had seen shareholder value eroded.

“We have to time it correctly - we are in no rush,” he said.

U.S.-based mining investor Sprott Group is the largest shareholder in Copperzone.

For a take-a-look on the mining summit in Cape Town, click here:

Reporting by Zandi Shabalala; Editing by Dale Hudson

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