Central Copper Resources Limited has confirmed its intention to float on AIM.
The company, which is focused on delivering a high-grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia, said it would raise fresh equity through a share placing at the same time as the flotation.
The funds raised will be directly invested into exploration and evaluation work programmes on the company’s assets.
Central Copper Resources (CCR) has a 65% interest in 13 permits covering a contiguous area of roughly 770 square kilometres (km2) in the DRC and an exploration permit covering an area of 292 km2 in the Lunga basin in the southern DRC.
Once re-registered as a UK PLC, it will also hold an effective 15.6% interest in the highly prospective Kayeye copper exploration project, located in the southern part of the DRC. It will hold this interest via its 20% stake in Titan Mining & Exploration, which owns 78% of the Kayeye project.
"Our admission to AIM and proposed equity raise will enable Central Copper Resources to become a mid-tier copper company by advancing our flagship high grade Mbamba Kilenda copper project through the PFS [pre-feasibility study] towards production in the near term. Also, we look forward to building value through exploration, particularly with Titan undertaking its first drilling programme at Kayeye, which is located along strike from Ivanhoe's Kamoa-Kakula Copper Mine,” said Kevin van Wouw, the chief executive officer of CCR.
“We believe that we are listing on AIM at a good time in the project life cycles of the portfolio and given the recent performance of the copper price,” van Wouw added.