Minerals Corp works to list low carbon cement business in London

Minerals Corp works to list low carbon cement business in London
Published: 16 February 2010

Minerals Corporation Ltd is working with its brokers in London to list its low carbon cement business in London.

The agreed process is establishment of the float entity, Ecominerals Ltd, in Hong Kong which has been done, raising US$50m (AUD55.9m) in this entity with an anticipated sell down, to leave 40 per cent, held by MSC Group. Independent business valuation (in process of completion) is expected to be between AUD40-70m. Financial forecast preparation is done, while pre-IP fund raising of US$10m for working capital and reduction of the inter company loan to MSC is in progress.