Australian Minerals and Mining (AKA).

seeking a relatively modest $5 million and with December 10 as the proposed listing date, Australian Minerals and Mining is attempting to succeed where BHP Billiton failed, which is not as silly as it sounds. Two of the projects in the float are ex-BHP.

Top of the priority list is the Constance Range iron ore project in Queensland, which might have been developed in the 1950s if the vast iron deposits of the Pilbara in WA had not killed that plan, as it did for all small iron ore deposits around Australia.
The second “close-to-BHP” project is a prospective mineral sands deposits near Augusta in Australia’s extreme south-west corner, and adjacent to the failed Beenup mineral sands project. A grab-bag of other assets offer exposure to gold, and gypsum, which is perhaps trying to do too much with $5 million in fresh capital, but the number of exploration targets can always be cut later.

NEW LISTING IPO For the Australian Stock Market

Gascoyne Resources (GCY).

Seeking $6 million and with a December 11 listing date, Gascoyne is a pure gold play, which is just what the market wants at a time of record gold prices. The other appeal of Gascoyne is its “provenance”.

Most of its assets have germinated inside the technically smart Giralia Resources (GIR), a company that has made money for its shareholders by assembling and floating (or selling) exploration assets rather than taking the more risky step of actually mining anything. Gascoyne starts life with 203,000 ounces of gold in the resource category and with four priority targets, all in Western Australia.

Australian Bauxite (ABZ).

Seeking $4 million and floated out of the Hudson Resources stable, Australian Bauxite has the ore of aluminium (bauxite) as its primary target, and attapulgite (an industrial mineral) as its secondary target.

Despite a handful of examples of successful bauxite mining, it is an industry dominated by big mining companies, and a commodity not easily exported without being refined into alumina, the first step in the aluminium production process.

Dourado Resources (DUO).

After seeking $3 million (plus $2 million in possibly oversubscriptions) the float closed with 545 applications for $4.3 million. A listing date is yet to be set for the company, which has a range of base metal and uranium interests.

Luiri Gold (LGM).

Seeking $8 million and with November 23 as a listing date Luiri, comes to the ASX with a substantial gold resource of 800,000 ounces in its back pocket but in an unusual location and with an unusual ownership structure.

The gold is the southern African (mining friendly) country of Zambia. Luiri itself is already listed on the Toronto Stock Exchange, and the assets are held via a Mauritanian company.

Victorian Gold Mines (VGM).

Seeking $3 million and with December 17 as its listing date, Victorian Gold has (as its name implies) a range of gold exploration tenements in Victoria, including assets close to the historic Oriental and Mt Orient mines near the town of Bright.

The challenge with Victorian gold is its “nuggetty” nature, which means you might find plenty of rich pods, which is good news, but that makes for difficult exploration and resource evaluation.

2009 and 2010 Australian IPO Listing

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