Castillo Copper plans spin-off and IPO of Broken Hill Assets project

(Alliance News) - Castillo Copper Ltd on Thursday said it plans to restructure and list its ...

Alliance News 5 August, 2021 | 1:03PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Castillo Copper Ltd on Thursday said it plans to restructure and list its wholly-owned Broken Hill Assets Project via an initial public offering on the Australian Stock Exchange.

Castillo Copper is a base metal explorer primarily focused on copper across Australia and Zambia.

The BHA Project is located in New South Wales, Australia and comprises a sizeable footprint proximal to Broken Hill's zinc-lead-silver deposit.

Castillo Copper has appointed CPS Capital Group to restructure and then list the assets on a best endeavours basis.

The board of Castillo Copper considers the spin-out of the BHA Project to potentially be a significant value-creating event for the company, while concurrently enabling it to focus resources on developing its project in Queensland and proving up suitable targets to test-drill in Zambia, it said.

A new entity, Newco, will be formed to house the BHA Project, with Castillo expected to retain a significant interest post-IPO.

Newco is targeting to raise a minimum of AUD4.5 million up to a maximum of AUD7.0 million.

Shares in Castillo Copper were up 1.3% to 1.98 pence each in London on Thursday afternoon.

By Amrit Sahota; newsroom@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Castillo Copper Ltd 0.25 GBX 0.00 -
Castillo Copper Ltd 0.01 AUD 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2022 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures