On 27 November 2018, Resolute Mining Limited (ASX: RSG) announced that the Company has started preparing for an application for admission of its Shares in the Official List of the FCA (Financial Conduct Authority) to trade on the London Stock Exchange. Following the release of this news, the share price of the company decreased by 3.125 percent as on 27 November 2018.
Resolute Mining is planning to seek admission in the London Stock Exchange during the first half of 2019. As per the company’s Managing Director and CEO Mr. John Welborn, Resolute Mining Limited provides an attractive investment opportunity to investors who appreciate the scale of company’s operations and its goal of becoming a low cost, multi-mine African-focused gold producer. The management of the company believes that now is the perfect time to get listed on the Main Market of the London Stock Exchange as sub-level caving is going to start soon at the Syama Underground Mine which is world’s first fully automated underground mine.
The London Stock Exchange is currently having more than 1,400 companies on the Main Market with a combined market capitalization of more than A$6 trillion and if Resolute mining shares got listed on the London Stock exchange then the Company will get access to a highly liquid market and a larger pool of active investors and capital. As per the company’s announcement, the listing of Resolute shares on the London Stock Exchange is not expected to affect Resolute’s current shares on ASX. As part of the process of seeking a listing on the LSE, the company is changing its Financial Year End from a 30 June year end to 31 December year end.
On 26 November 2018, the company disclosed that it has signed a Joint Development Agreement with Ignite Energy Projects Pty Ltd to develop a new 40-megawatt independent solar hybrid power plant. The plant will be developed at the Syama Gold Mine which is in Mali, and as per the joint development agreement it will be independently financed, owned and operated by Ignite energy. The new solar hybrid power solution is expected to generate savings of up to 40 percent on the current operating costs of power at Syama, and it will also reduce reliance on, and exposure to, diesel prices. As per Mr. John Welborn, Resolute mining is planning to be a leader in mining innovation and this partnership with Ignite Energy will help the company to become a global leader in energy solutions for the mining sector.
In the last six months, the share price of the company decreased by 17.60 percent as on 26 November 2018 and traded at a PE ratio of 10.850x. RSG’s shares traded at $0.930 with a market capitalization of $727.21 million as on 27 November 2018 (AEST 4:00 PM).
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.