Mining IPOs give the market a boost

Mining IPOs give the market a boost

Following a quiet first half of 2019, the IPO market has showed signs of picking up, with a third of this year’s activity concentrated into the last two months. The uptick in activity looks set to continue, with two IPOs in the mining sector announced on 23 October.

North American copper producer Taseko Mines Limited (Taseko) announced an intention to float on the Main Market of the LSE in addition to its listings on the Toronto Stock Exchange and the NYSE. In its intention to float, Taseko stated that admitting the ‘shares to the Main Market of the LSE would provide Taseko with access to a highly liquid market and a larger pool of active investors who have a long and established history of investing in mining stocks. These investors have a deep understanding of the North American operating environment, but limited exposure to mid-tier copper producers in low risk jurisdictions.’

The same day, Australian strategic metals company TNG Limited (TNG) also announced its intention to float on the standard segment of the Main Market of the LSE. Managing director, Paul Burton commented that ‘The proposed dual listing on the Main Market of the London Stock Exchange is another significant step in the Company's development.’ Although TNG intends to retain its ASX listing as the company’s primary listing, the eventual aim is to move into the premium segment, with a view to being included in the FTSE indices.

Both transactions are available on our Market Tracker deal analysis tool and we will continue to monitor deal volume and developments in the mining sector.

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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.