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The Investing News Network looks at what’s happened in Australia’s mining market so far in 2021, and what could be ahead in the second half of the year.
Click here to read the previous Australia mining update.
After an uncertain 2020 for the Australian mining industry, the resource market showed signs of a sharp recovery in the first six months of the new year.
Prices for iron ore are supporting resource exports in the country, with many ASX-listed mining companies also posting gains year-to-date.
Here the Investing News Network looks at what’s happened in Australia’s mining sector so far in 2021, and what could be ahead in the second half.
29Metals IPO âcoveredâ at $2.05; books close lunchtime
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ASX aspirant 29Metals is homing in on pricing its initial public offering.
29Metals expects to report $658.4 million revenue and a $39 million profit in the 2021 financial year. Â
Louise Kennerley
Fresh from launching a bookbuild for the $528 million to $607 million deal yesterday, the companyâs brokers said the deal was âcoveredâ at $2.05, in a book message sent to funds on Friday morning.
Demand has continued to grow since the book opened and overnight.
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The book is covered at $2.05 (equivalent to 5x EV/EBITDA based on CY21 forecasts).
The price range for the book has been narrowed to $2.00 - $2.10. Bidders are encouraged to show their price sensitivity within this range.
Golden Grove bids fail to derail 29Metals IPO plans
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Veteran miner Owen Hegarty and his private equity outfit EMR Capital have targeted their Australian copper play 29Metals towards the Australian Securities Exchange.
EMR Capital have had Macquarie Capital and Credit Suisse bankers run an auction for 29Metals’ main asset, the Golden Grove mine in Western Australia, while their equity capital markets colleagues (plus Morgan Stanley) prepared the larger 29Metals for an initial public offering.
29Metals expects to report $658.4 million revenue and a $39 million profit in the 2021 financial year.
Louise Kennerley
It is understood trade bids were due on May 13. ASX-listed Sandfire Resources, advised by Citi, was among parties to lob an offer but it’s understood there’s been no movement in the fortnight since..