The six month old recently formed Kimberley Consolidated Mining (KCM) will be added to the JSE diamond listing in November and intends to raise R50-million prior to listing, and R200-million in its initial public offering.
KCM is the result of two smaller firms merging together. Its portfolio includes alluvial and kimberlite prospects and would rank seven as a diamond listed company on JSE along with Tawana, Trans Hex, Diamond Core, Afgem, Thabex and Good Hope Diamonds. KCM will buy a property for R40-million next to junior-miner Rockwell’s Saxendrift property. It current assets are located along the Orange river, near Taung in the North West province, and in the Tsitsikama area, on the South Coast.
Tawana Resources listed on the JSE recently entered into a joint venture with KCM to consider developing the areas owned by KCM, which are around the De Beers’ Finsch mine.
KCM’s financial advisors T-Corporate, said that KCM would go in for a local road show before its November listing and would contemplate listing on London’s Alternative Investment Market, after judging the performance on the Johannesburg listing. KCM however still has to confirm the rate at which it would sell its shares to institutional investors before the IPO.