Top Australian capital raises seek to create mining value

Australia-headquartered miners have been tapping the capital markets in the year to July 14 to raise a total of US$2.33 billion in capital, according to an analysis by the Northern Miner’s sister company Mining Intelligence. The financings offer the companies financial firepower to execute their respective value creation strategies.

The Mining Intelligence data shows the money was raised via 36 rights offerings that attracted US$1.15 billion in capital and 81 private placements raising US$965.52 million, among other methods of capital raising.

Leading the lineup is Regis Resources (ASX: RRL), which raised about US$155 million in April and another US$348.5 million in May.

The company had in April bought a 30% stake in AngloGold Ashanti‘s (NYSE: AU) Tropicana mine for A$903 million (US$688.3 million), increasing its production base by a third.

from MINING.COM https://ift.tt/2UWQV1x