Today Kore Potash plc (JSE: KORE) attained a secondary inward listing on the Main Board of the JSE. The company listed in the "General Mining" sector and is the 6th international company to make use of the JSE's fast-track listing process.
Donna Nemer, Director: Capital Markets at the JSE, welcomed Kore Potash to the exchange: "The JSE started out funding the development of mines near Johannesburg. Today we are proud to be able to connect investors with global miners, like Kore Potash, who seek to raise capital to develop assets on the African continent."
Kore Potash is an advanced stage mineral exploration and development company whose primary asset is an equity interest in the Sintoukola Potash Project located close to the coast in the Republic of Congo. The company has its primary listing on the Australian Stock Exchange (ASX) and today also listed on the AIM market of the London Stock Exchange. Inward listings allow foreign companies listing on the JSE to be classified as domestic assets, enabling them to attract increased investment from South African investors.
David Hathron, Chairman of Kore Potash, said the JSE was the ideal market to support the next phase of the company's growth: "As Kore Potash nears the development stage, we will benefit from the JSE's strong base of South African investors, many of whom have a strong understanding of large-scale African mining projects. As the only potash producer listed on the JSE, we look forward to keeping our new South African shareholders updated on our progress as we move towards completion of the Definitive Feasibility Study on Sintoukola in the third quarter of this year."
Kore Potash made use of the JSE's fast-track listing process which greatly reduces the time and costs associated with listing on the JSE for companies which have been listed on the ASX, the London Stock Exchange (LSE), the New York Stock Exchange and the Toronto Stock Exchange for a period of at least 18 months. As these companies meet all of the listing requirements of these exchanges, the fast track listing process eliminates the need to produce a pre-listing statement and companies are only required to release a pre-listing announcement.
The listing brings the total number of mining companies on the JSE to 45. The sector has a total market capitalisation of R2.3 trillion and contributes 16% to the JSE's overall market capitalisation. Nemer says the important role the mining sector continues to play in the South African economy also contributes to making the JSE an attractive listing destination for miners. "South Africa has a strong and established community of analysts that truly understands the technical and business aspects of the mining sector across all of Africa, as well as the nature of its capital needs."
