Logo of Phnom Penh Post newspaper Phnom Penh Post - Brighton readies for Sydney share listing

Brighton readies for Sydney share listing

Brighton readies for Sydney share listing

SHARES of Cambodian-centred miner Brighton Mining Group Ltd will begin trading on the Australian Stock Exchange tomorrow.

The firm’s managing director Jonathan Remta said yesterday that Brighton’s initial public offering had raised A$2.2 million (US$2.17 million) at $0.20 per share, but added Brighton expected to obtain other funding streams in the next six months.

“We actually do have other short term future funding arrangements in place – it will definitely be a combination of three or four [that provide funding],” he said yesterday. He did not disclose the nature of the funding arrangements.

Brighton is exploring concessions in Mondulkiri province for gold and other metals, with three drilling projects planned between now and May of next year.

The firm is still in its exploration stage, but claims it will be as aggressive as possible with exploration activities to discover a resource.

A decision on extraction depends on many variables, “but we would like to think three or four years down the track we would like to be able to look that way”, said Remta.

The firm’s market capitalisation is A$10.5 million. Brighton directors and vendors will hold a controlling stake in the firm even after the float.

Brighton has the right to acquire by transfer 70 percent of Cambodian-incorporated joint venwture Sun Hill Minerals Co Ltd, which owns the exclusive rights on three semi-contiguous concessions in Mondulkiri province, according to the firm’s prospectus. Its three concessions are labelled as Antrong, Ropoah and Kang Roland, all in Peachea Da district.

Meanwhile, another Australian miner Southern Gold has laid out its plans for exploration in Cambodia over the next several months in its quarterly activities report filed on the ASX on Friday. It announced drillhole results of 14.6 grams of gold per tonne of ore at a depth of 3 metres on its Gossan Prospect in Kratie province.

The mining company will conduct follow-up work at high-priority targets.

MOST VIEWED

  • Vietnam: Tougher sentences for child abusers

    Several National Assembly (NA) deputies in Vietnam are calling for tougher penalties to be handed down to child abusers. They hope stricter punishments will act as a strong deterrent to prevent offenders committing further offences in the future. Extreme measures such as chemical castration were

  • Central bank to shun small US banknotes

    The National Bank of Cambodia (NBC) is considering not accepting smaller denominated US dollar banknotes – $1, $2 and $5 – from banks and microfinance institutions (MFIs) which it said are flooding its stockpile as the demand for those notes is low. While some banking insiders welcomed the move as

  • PM lauded in Covid-19 fight

    World Health Organisation (WHO) director-general Tedros Adhanom Ghebreyesus sent a letter to Prime Minister Hun Sen thanking him for following the WHO’s guidance and commending Cambodia’s efforts in the fight against Covid-19. In his letter made public by the Ministry of Foreign Affairs

  • Workers return, hope for salaries

    More than 600 factory workers in the capital’s Chaom Chao commune in Por Sen Chey district returned to work after the factory’s owner promised to pay their salaries in instalments until the middle of next month. On Tuesday and Wednesday, more than 600 workers gathered

  • Women detained for forcing kids to beg

    Two women were sent to Phnom Penh Municipal Court on Thursday for forcing six children to beg for money for several months at the Chhouk Meas market in Krang Thnong commune in the capital’s Sen Sok district. Phnom Penh Department of Anti-human Trafficking and

  • Vietnamese tents baffle border guards

    Kandal and Takeo provincial authorities bordering Vietnam have expressed concern after witnessing irregularities by the Vietnamese authorities, including the deployment of soldiers to erect 114 camps just 30m from the border. Takeo provincial governor Ouch Phea told The Post on Thursday that Vietnamese soldiers had erected 83