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South African miners list on London and Toronto exchanges
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Two South African mining companies were launched on both the London and Toronto stock exchanges to receptions ranging from mild interest to great excitement. First Uranium, a subsidiary of gold miner Simmer & Jack, listed on the Toronto Stock Exchange after a share offering of 29 million shares at C$7 each to raise C$203 million (about R1,2bn).
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The shares started to trade briskly in small lots at about C$8 a share and by the end of the day, 5.4 million shares had changed hands. Simmers has retained a 69,6% stake in First Uranium, formed to develop its Ezulwini and Buffelsfontein gold and uranium projects west of Johannesburg, both of which it expects to be able to put into production in the near future.
Anthracite and silica miner Petmin, also started trading on London's Alternative Investment Market at 9p per share, after placing 40 million shares in London to raise R50.4 million. The first trading of 30 million Petmin shares reflected the previously agreed transfer of Petmin shares by brokers Numis Securities to FirstRand (Ireland) on admission.
Petmin's secondary listing in London was intended to raise finance mainly to develop its Somkhele anthracite project and to access opportunities and capital with the objective of becoming a global multicommodity business.
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