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Highlights
- Central Copper Resources has shelved its AIM listing plans and has replaced its CEO.
- The company had initially announced its intention to float on the LSE’s AIM in July 2021.
- CCR has achieved a major milestone by fully acquiring Titan Mining & Exploration.
UK-based copper exploration and development firm Central Copper Resources (CCR) has announced on 5 January 2022 that it won’t go for a London listing now. After the marketing of CCR for a year, the company believes that an alternative exchange would be better suited for its asset portfolio and would help in raising the value of its exploration potential.
The company on 14 July 2021 had announced its plans to float on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) with the aim of raising additional capital for its high-grade copper projects.
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All about CCR and its projects
With 14 licences in the Democratic Republic of the Congo (DRC), and one in Zambia, Central Copper Resources has advanced its projects across the Central African region. The AIM debut was planned by the company to raise capital for its projects, which include a 65% stake in COMILU (Compagnie Minière de Luisha). The Mbamba Kilenda project, which is located in the DRC is owned by COMILU.
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On 6 January 2022, CCR has made another major announcement regarding the expansion of its DRC copper portfolio. The 100% ownership of Titan Mining & Exploration, which has a 78% stake in the Kayeye project, has been successfully acquired by CCR. Kayeye Project, which covers an area of 231 square km, is located in southern DRC close to the Kamoa-Kakula project of TSX-listed Ivanhoe Mining.
According to CCR’s CEO Luke Knight, the acquisition of Titan Mining and Exploration has been a big milestone for the company and has set the tone for its exploration activities in 2022. Knight has replaced Kevin Van Wouw as the CEO and is running the company from Australia, while Van Wouw is staying back in Africa as the company’s chief operating officer.
The portfolio of CCR now comprises of Mbamba Kilenda project, the Kayeye project, as well as the 100%, owned Lunga project in Zambia. The company is focused on its flagship Mbamba project and is targeting near-term production for the same, along with a definitive feasibility study of its Phase 1 development.
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Bottomline
Central Copper Resources has cancelled its AIM debut and has replaced its CEO. Ahead of the intended listing on an alternative exchange, the company is working on raising a short-term funding package for the advancement of its copper projects.
