Broken Hill Prospecting raises $4.5 million in IPO
The mining company is listing on the New Zealand and Australian stock exchanges as it looks to develop prospects near the famous New South Wales mining site Broken Hill.
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Base metal explorer Broken Hill Prospecting (BPL) has raised $4.5 million in an IPO and is expected to list on the New Zealand and Australian stock exchanges next week.
NZX-listed mining company Heritage Gold (NZX:HGD) will maintain a 21.7% interest in the company after the share issue.
The exchange listings are being used to accelerate and expand development of BPL’s cobalt and base metal licences at Thackaringa, near the mining centre of Broken Hill in New South Wales.
Heritage Gold chief executive Peter Atkinson said he was pleased with the outcome of the IPO, which was launched just days before the Pike River Coal disaster, which led to an extension of the capital raising to January 31.
He said BPL’s recent exploration, managed by Heritage Gold, “encountered strongly anomalous copper, lead and zinc values in lode bearing rocks over 500 metre strike lengths at Pyramid Hill and Himalaya North base metal prospect.
A 12-hole follow-up drilling program to test the mineralisation to 100 metres depth has been partially completed, although very heavy rain in the last few days has caused drilling to be postponed.
“Initial results are now expected in early March,” Mr Atkinson said.
Niko Kloeten
Mon, 07 Feb 2011
Mon, 07 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Broken Hill Prospecting raises $4.5 million in IPO
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