A mid-cap ASX-listed miner has completed a fully underwritten $340 million equity raising, comprising a institutional placement and a follow-on entitlement offer, to fund an expansion of its flagship processing plant.
The raise was priced at a modest discount to the last close and was reported to be well oversubscribed, with existing institutional holders taking up the bulk of the placement.
Proceeds will fund a near-doubling of processing capacity, which the company says will lift annual production meaningfully once commissioned in 2028.
“Getting this away fully underwritten in the current market says a lot about how investors are reading the demand outlook for the commodity,” one broker involved in the bookbuild said.