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

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • Chinese living in Kingdom more than doubles since ’17

    The number of Chinese nationals living in Cambodia this year has increased to more than 210,000. The figure rose from last year’s 100,000, the newly appointed Secretary of State Sok Phal confirmed yesterday. He said: “Of the 210,000, more than 78,000 are living in Preah Sihanouk [province], but