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Hochschild Mining PLC - Americas-focused gold miner - Announces launch of initial public offering for Aclara Resources Inc on the Toronto Stock Exchange, seeking to raise USD100 million in primary capital. This is expected to give Aclara a market capitalisation of USD237 million on listing, based on the midpoint of the estimated price range at between CAD1.70 and CAD2.00, around USD1.34 and USD1.58.
In mid-October, Hochschild Mining said it planned to demerge 80% of Aclara Resources, and retain a 20% stake after the demerger is completed by the end of 2021.
Aclara is currently focused on the development, and future construction and operation, of Penco Module in Chile, which will aim to produce a rare earth concentrate through a processing plant that will be fed by clays from nearby deposits.
Current stock price: 168.70 pence, down 2.7%
Year-to-date change: down 19%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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