Peruvian Mining Company Follows IPO Path to London
October, 2007 - Lima, Peru
Peruvian mining company Minera IRL S.A. has raised £11.4 million in an initial public offering (IPO) in London Stock Exchange's AIM market through the successful placement of shares of its Jersey-registered parent company Minera IRL Limited. The placing gave Minera IRL an initial market capitalization of £27.8 million. The IPO closed in April.
Minera IRL is a precious metals mining company with assets in Peru, Argentina and Chile. Its three most advanced projects are gold projects Corihuarmi and Ollachea in Peru and gold and silver project Jaguelito in Argentina. Corihuarmi is in its development stage and gold production is scheduled for the beginning of 2008. The funds raised in the IPO will be used mainly to fund the construction of the Corihuarmi gold mine and to advance exploration and feasibility studies in Minera IRL's other projects.
Luis Carlos Rodrigo P., of Rodrigo, Elias & Medrano Abogados, commented: “London is quickly becoming a serious alternative for Peruvian mining companies looking to raise money through equity placements. Peruvian mining company Hochschild showed the way in November with an IPO in the London Stock Exchange and Minera IRL aimed for the AIM market. We expect others to follow their path to London.”
Arbuthnot Securities Limited acted as nominated advisor and broker to Minera IRL.
Minera IRL took counsel in Peru from Rodrigo, Elias & Medrano Abogados, through partner Luis Carlos Rodrigo P. and associate Francisco Tong, Liliana Mavila and Nino Coppero. Associates Jean Carlo Servan advised on labor matters, Raul Hidalgo advised on tax matters and Ursula Zavala advised on environmental matters.
Fasken Martineau Stringer Saul LLP, the London office of Canada's Fasken Martineau DuMoulin LLP, acted as U.K. counsel to Minera IRL through a team comprised of attorneys Mark A. Camilleri, Dimitri P. Cavvadas and Annelis Barradale.
