Potash miner Danakali is to list on the London Stock Exchange (LSE) later this month it said today.
The miner, which is listed in Australia, aims to raise further money from UK and international investors for its Colluli potash mining project in Eritrea.
The companys shares will remain listed on the Australian Stock Exchange.
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Danakali has a market capitalisation of approximately 193m Australian dollars (£108m) and its key shareholders include Well Efficient (13.3 per cent), JP Morgan Asset Management (7.7 per cent) and Capital Group (6.3 per cent).
Danakali said the project “represents one of the lowest cost, shallowest and most advanced greenfield Sulphate of Potash [SOP] development projects globally”.
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SOP is used on high-value, chloride-sensitive crops such as nuts, fruit and coffee plants.
Danakali executive chairman Seamus Cornelius said: “The LSE listing provides us with additional access to sophisticated investors in London and internationally with a strong appetite for advanced stage development projects and a good understanding of the African mining and resource environment.”
Broker Numis Securities is acting as financial adviser, City law firm Memery Crystal is advising on UK law and Norton Rose Fulbright is advising on Australian law aspects of the listing.
