CAPITAL MARKETS

AIM listing for Western Areas' Finnish assets

WESTERN Areas has announced a deal to vend its subsidiary, FinnAust Mining, into listed AIM compa...

Kristie Batten

This article is 11 years old. Images might not display.

The London listing of the company has been on the cards for about three years, but weak market conditions have prevented it until now.
 
The reverse takeover will see Centurion acquire FinnAust, which is 79%-owned by Western Areas, for £7.7 million ($A13.2 million).
 
On completion of the deal, Centurion will be renamed FinnAust and Western Areas will hold about 68% of the listed company.
 
As part of the transaction, Centurion has raised £3.4 million, with Western Areas committing £1.8 million.
 
That will give the company sufficient funds for 18 months of exploration.
 
“Western Areas was pleased to deliver on its stated objective of listing its Finnish assets on the London AIM market,” Western Areas managing director Dan Lougher said.
 
“We believe our shareholders will be pleased to maintain exposure to the exciting drill targets we’ve identified for high-grade copper and nickel in Finland.
 
“We have found a like-minded and corporately sound party in Centurion for our Finnish exploration assets, where their leader Alastair Clayton has had considerable success in geological discoveries and corporate transactions over a number of years.”
 
FinnAust holds around 4710sq.km of ground in southern Finland, adjacent to the historical Outokumpu mines.
 
Centurion’s key asset is an 80% stake in the Mitterberg copper project in Austria.
 
Lougher will chair FinnAust and Western Areas general manager commercial Graham Marshall will join the board.
 
They join Clayton, who will remain an executive director, and Gregory Kuenzel.
 
“This is a transformative transaction, changing us into a well-funded, advanced exploration company with an extensive portfolio in a world class mining district,” Clayton said.
 
“Our cornerstone shareholder, Western Areas, is an industry-leading mining company whose foundations were built on exploration success, it having discovered, and now operates two high-grade nickel mines and is Australia’s third-largest overall nickel producer.
 
“We already have a defined strategy including a high-impact 10,300m drill program and we believe any given hole has the potential to be a game-changer.”
 
The company will operate out of Finland but have a small office in London.
 
Centurion will need to obtain shareholder approval, but it is expected that FinnAust will be admitted to the AIM on or about December 2.
 
Western Areas shares fell 4.2% yesterday to $A2.52.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.