Exclusive: Cyprus-focused miner set for London float
A mining firm targeting a number of gold and copper sites in Cyprus is set to announce its intention to float on London’s main market.
Caerus Mineral Resources – named after the Greek god of opportunity – is looking to raise £2.3m on its main market debut.
The firm will issue an announcement to the London Stock Exchange in the coming days.
The decision to float comes on the back of the acquisition of the New Cyprus Corporation, which has a portfolio of copper-gold projects in the Greek part of the Mediterranean island.
Caerus raised over £2.2m to buy the licenses.
Martyn Churchouse, the firm’s chief executive, told City PM: “We are excited to have completed the acquisition of NCC, and even more so by announcing our intention to list on the London Stock Exchange.
“We believe Caerus will provide the market with access to the re-emergence of Cyprus as a key producer of copper and a contributor towards the growing clean energy economy.
“Supported by an advanced portfolio of exploration assets, we plan to use the funds raised on admission to generate near-term mineral resource estimates and further the progress towards economic development of our projects.
“As a board, Caerus has a strong track record of value creation and identification of opportunities and we will use Caerus as a platform to target growth opportunities and to create a diversified portfolio with an emphasis on metals strongly aligned with the rapidly developing clean energy economy.”
Cyprus is literally synonymous with the copper industry, with the red metal even named after the island.
The earliest known extraction of the metal on the island took place as early as 4,000 BC.