LONDON (Alliance News) – Bacanora Lithium PLC, which is to become the holding company of Bacanora Minerals Ltd, announced Tuesday its intention to list on the London Stock Exchange’s AIM market in March.
The listing is part the previously announced plan by Bacanora to re-domicile to the UK from Canada.
Bacanora Lithium is to comprise of 134.0 million new shares, with no new capital to be raised. Its market capitalisation on admission, expected on March 21, will be around GBP140.0 million.
Bacanora Minerals shares were trading at 101.22 pence each on Tuesday, down 2.7%, giving the existing AIM listing a market cap of GBP135.7 million.
Following admission, Bacanora Minerals shares will be de-listed from both the London and Toronto Stock Exchanges.
Lithium producer Bacanora Minerals in January filed a feasibility study report for its flagship Sonora project in Mexico, confirming positive economics and favourable operating costs.
The study, which was completed in mid-December, estimates a pretax present net project value of USD1.25 billion at an 8% discount rate, and an internal rate of return of 26%. Life of mine operating costs are forecast at USD3,910 per tonne of lithium carbonate.
This revenue is based on a flat USD11,000 per tonne of battery grade lithium carbonate over the life of mine, a figure well below forecasts of a lithium carbonate price range of USD12,000 per tonne to USD20,000.
Average annual earnings before interest, tax, depreciation, and amortisation over the life of mine of 19 years are estimated at around USD229.0 million a year.
By George Collard; [email protected]
Original Article: http://www.iii.co.uk/alliance-news/1519136843171924800-3/bacanora-minerals-to-be-replaced-on-aim-by-bacanora-lithium-allipo-
