Zimbabwe’s new bourse draws listing interest from foreign miner

Caledonia Mining Corp., Zimbabwe’s second-largest gold producer by quantity, has begun the method for itemizing on the nation’s new bourse, which trades solely in US {dollars}.

The itemizing deliberate for this 12 months would be the first by a foreign-owned mining firm on the Victoria Falls Trade, or VFEX. It’s contingent on market situations and improved funds in US {dollars} for gold produced on the Jersey-based mineral exploration and growth firm’s Blanket gold mine within the southwest of the nation, it stated in an announcement.

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The corporate seeks to lift $3 million by the putting of depositary receipts that can be used for basic company functions, it stated.

Caledonia has engaged IH Advisory Pvt Ltd., a Harare-based monetary companies group, as an adviser.

VFEX is providing a raft of incentives together with a waiver on capital features tax and the flexibility to repatriate funds from a rustic the place foreign-exchange is briefly provide to draw world capital. Since opening in October, the bourse has attracted two listings.

“I welcome the step in the direction of a extra liberal monetary setting which is embodied within the proposed advantages attaching to an inventory on the Victoria Falls Inventory Trade,” Steve Curtis, the chief government officer at Caledonia, stated Thursday in an emailed assertion.

© 2021 Bloomberg

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