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Conquest expected to raise $100m
Business & Finance Club - Australia : Shares in Conquest Mining Ltd have been placed in a trading halt pending news of an expected capital raising of as much as $100 million to develop its Mt Carlton gold, silver and copper project in Queensland.
Conquest shares last traded at 50.5 cents and will remain in a trading halt until Thursday or when the announcement is made.
"Conquest may require $100 million in external funding for Mt Carlton's development," Green Leader Equities Research said in a recent report.
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The research report also said financing risk remained "relatively low" for the project.
Conquest's 2009 feasibility study for Mr Carlton, near Townsville, estimated the capital cost of a one million tonnes per annum mine and treatment plant at $138 million.
The company said in an investor presentation on Tuesday that it had $19.1 million cash on October 8 and no debt.
Conquest said it hoped to make a positive development decision for Mt Carlton this quarter, with a view to developing it next year.
The company last month signed a $1 billion offtake agreement with Chinese smelter Shandong Guoda Gold Co Ltd for all concentrate output from the largest deposit at Mt Carlton, V2.
"Conquest is conducting a similar marketing process with a different set of smelters for the Area 39 silver concentrate (at Mt Carlton)," Green Leader Equities said.
Conquest also on Tuesday increased its interest in its takeover target North Queensland Metals Ltd (NQM) to 88.28 per cent, from 86.79 per cent previously.
The offer, of half a Conquest share for every NQM share held plus 15 cents cash, closes on October 15.
The takeover, which values the target at about $81 million, will deliver Conquest NQM's 60 per cent stake in the Pajingo gold mine in north Qld.
Conquest last month bought the remaining 40 per cent stake for $37 million in cash and scrip from Heemskirk Consolidated Ltd, which was trumped by Conquest in the bidding war for NQM.
The NQM acquisition will also give Conquest a 60 per cent interest in the Twin Hills gold mine in Qld, which was closed in 2007 by then owners BMA Gold, plus some copper and tin assets in Qld.
