Carpentaria Resources raising $35.6 million for flagship iron ore mine News02 Jul 2021

Iron ore miner Carpentaria Resources is on the street raising almost $36 million to fund a banking feasibility study for its flagship Hawsons Iron Project.


The $35.55 million capital raising is being led and underwritten by Shaw and Partners.


Priced at 15¢ per share, the offer comes at a 30.2 per cent discount to its last close price.


Shaws had been calling for bids to be made by 11am on Friday.


Located 60 kilometres south-west of Broken Hill, Carpentaria increased its interest in the Hawsons project from less than 70 per cent to 94 per cent last year.


The business successfully convinced the co-owner of the project, Pure Metals, to convert its shares in Hawsons into equity in Carpentaria Resources, thereby sending a clear message to the market that Carpentaria were the leaders on this project.


The remaining position in the project is held by Starlight Investments.


Carpentaria raised $5.4 million from Mitsui & Co to fund part of its banking feasibility project, but this only scratched the surface of the funding requirements for the BFS.


The funding comes as the spot iron ore price is trading near its five-year peak achieved in May.


Analysts expect these high prices to lead to material earnings upside for the major players in the market- BHP, Rio Tinto and Fortescue.


While the Hawsons project is still in development, the company expects the mine to be operational within 36 to 39 months.

 

Article source: AFR, 2 July 2021

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