CENTRAL Copper Resources (CCR) will not pursue a London listing of its shares after a marketing the company last year showed its portfolio of assets would be better suited to an alternative exchange, the company said on Wednesday.
CCR was to list on London’s Alternative Investment Market as part of a capital raise for its projects including a 65% stake in COMILU (Compagnie Minière de Luisha) which owns the Mbamba Kilenda project located in the Democratic Republic of Congo (DRC).
The company said today that alternative exchanges would put “a higher value on the exploration potential of the company’s assets”.
CCR’s CEO Kevin Van Wouw has also been replaced by Luke Knight who will run the company from Australia. Van Wouw will remain in Africa where he will take on the role of chief operating officer.
Knight, previously the COO of CCR, worked at a number of African-focused companies during his career including Miranda Metals and AMED, the Luxembourg-registered mining fund founded by Rudolph de Bruin and David Twist.
CCR also announced that it had completed the purchase of 100% of Titan Mining & Exploration which holds 78% of the Kayeye Project. Kayeye is adjacent to Ivanhoe Mining’s Kamoa-Kakula project in southern DRC.
“We are very excited to have completed this major milestone with the acquisition of Titan Mining and Exploration, which has fundamentally changed the composition of our asset register towards recommencing our exploration activities in 2022,” said Knight.
CCR’s portfolio now includes Mbamba Kilenda, Kayeye as well as the 100% owned Lunga project in Zambia.
Near term production is targeted at Mbamba Kilenda with a definitive feasibility study due to kick off “over the short-term”. Mbamba Kilenda has been scoped out 10,000 to 15,000 of copper in concentrate production for the first three years of operation.
CCR said it would look to raise a “short-term funding package” with a listing now pushed out to mid-2022.