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Be the first with the news that moves the market- Macarthur Minerals is shifting its focus and will spin out its gold and copper assets in the Pilbara region of Australia
- Those assets will become part of Infinity Mining, a wholly owned subsidiary of Macarthur
- The company will also apply to list Infinity on the Australian Securities Exchange later this year
- The moves are meant to sharpen the company's focus on its iron ore delivery
- Macarthur Minerals is flat, trading at $0.40 at 9:30 am ET
Macarthur Minerals is shifting its focus and will spin out its gold and copper assets in the Pilbara region of Australia.
Those assets will become part of Infinity Mining, a wholly owned subsidiary of Macarthur.
The Australian iron ore development, gold and lithium exploration company will also apply to list Infinity on the Australian Securities Exchange (ASX) later this year, subject to exchange approvals.
The moves are meant to sharpen the company's focus on its iron ore delivery which remains its sole focus.
Infinity will acquire additional Central Goldfields assets from Zanil Pty Ltd following a successful listing on ASX.
Macarthur will retain a material shareholding in Infinity following listing.
“Macarthur’s board has carefully considered all available options and we believe the value of the Pilbara gold/copper/lithium assets is not reflected in the current share price of Macarthur and see this as a way to create additional value for shareholders via a priority IPO spin off to be listed on the ASX.
The addition of the Central Goldfields Assets into the portfolio will provide the new company access to potential surface gold historically identified that may be Toll treated through regional gold mines.
The new vehicle will evaluate opportunities outside of the iron ore space, and will ensure that Macarthur retains its primary focus on the Lake Giles Iron Project," said Macarthur Minerals Managing Director Joe Phillips.
Macarthur Minerals is flat, trading at $0.40 at 9:30 am ET.
