Bell Potter beats drum for PNG minerals explorer float

Ex-New Hope boss Rob Neale lines up as chairman of ASX-hopeful Mayur Resources. Glenn Hunt

Sarah Thompson, Anthony Macdonald, Joyce Moullakis | Australian Financial Review | 24 July 2017

Fund managers will recognise some of the names behind PNG minerals exploration company and initial public offering-hopeful Mayur Resources, which is seeking to hit the ASX boards on September 1.

Queensland resources industry veteran and former managing director of Soul Patts’ coal play New Hope Corporation Rob Neale lines up as chairman, while former Hancock Prospecting executive Paul Mulder would run the listed company as managing director. 

The pair would be joined around the boardroom table by former Gloucester Coal deputy CEO and BHP Billiton iron ore executive Tim Crossley, and former Credit Suisse metals and mining research analyst Paul McTaggart, among others. 

Mayur Resources was seeking to raise up to $15.5 million via the sale of CHESS Depository Interests at 40¢ each. The company is incorporated in Singapore, with operational headquarters in Brisbane and assets in Papua New Guinea. 

In a prospectus lodged late last week, chairman Neale told potential investors that Mayur had been operating since 2011 with the aim of acquiring, exploring and developing mineral and energy opportunities in PNG. 

Funds raised were pegged for a definitive feasibility study of the company’s Orkolo Bay Industrial Sands Project, and to deliver a resource estimate for its Port Moresby Limestone Project, among other uses. 

CEO Mulder doubled as the company’s largest shareholder, with a 52.6 per cent stake prior to the IPO. 

Bell Potter is running the IPO as lead manager and was scheduled to open the raising next week. 

The offer was not underwritten. If successful, the company would list on September 1.

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Filed under Exploration, Mine construction, Papua New Guinea

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