Shaw and Partners books funds for iron ore hopeful MacArthur Minerals News10 Oct 2019

A Glencore-backed iron ore play is readying its pitch to Australian investors ahead of a planned ASX-listing.

 

It is understood stockbroker Shaw and Partners is booking funds to meet MacArthur Minerals management next week ahead of an initial public offering targeted to raise as much as $7.5 million.

 

MacArthur Minerals is an iron ore development company best known for its Lake Giles project in the Yilgarn region of Western Australia.

 

It is already listed on Canada's TSX Ventures and wants a dual listing in Australia to help raise funds to get Lake Giles into production.

 

MacArthur Minerals' pitch to local investors is expected to centre on the project's high-grade magnetite concentrate which should make it attractive blast furnace feedstock for steelmakers offshore.

 

Glencore is already on board with the steelmaking story, having already invested $US2 million in the company and locking in a 10-year offtake agreement.

 

It is understood Glencore's co-head of iron ore trading, Peter Hill, is booked to roadshow with MacArthur Minerals' CEO and chairman next week.

 

Should MacArthur Minerals get its ASX listing, it would join a bunch of listed companies including Mineral Resources in trying to establish the next iron ore hub, according to the company's executive chairman Cameron McCall.

 

Article source: AFR, 10 October 2019

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