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Macarthur Minerals’ Australian subsidiary to list on the ASX in A$10mln float, says Rare Earth

Rare Earth holds a 16.56% stake in Macarthur, an iron ore and lithium explorer with interests in Australia and Nevada
iron ore mine
Parent company Macarthur will retain 66% to 76% ownership of the newly spun-out business, aptly named Macarthur Australia

Rare Earth Minerals plc’s (LON:REM) associate Macarthur Minerals (CVE:MMS) is set to list its Australian iron ore and lithium assets on the Australian Stock Exchange in May.

Rare Earth, which holds a 16.56% stake in Macarthur, said the initial public offering of Macarthur Australia is expected to raise up to US$10mln.

The IPO is scheduled to close on 2 May, with Macarthur Australia starting trading on the ASX shortly after on 17 May, subject to getting the green light from the exchange.

Parent company Macarthur will retain 66% to 76% ownership of the newly spun-out business.

“This is an exciting step for the Company towards advancing its Australian iron ore and lithium interests,” said Macarthur chief executive David Taplin.

“We believe that an ASX IPO of our Australian iron ore and lithium projects will provide improved price realisation for those projects more consistent with our ASX listed peers.”

Macarthur Australia owns all of Macarthur Minerals’ iron ore and lithium projects in Australia.

Macarthur Minerals also has its Stonewall lithium project in Nevada, which is being advanced by its wholly-owned subsidiary Macarthur Lithium Nevada Ltd.

Rare Earth shares gained 4% on Monday afternoon to trade at 0.55p.

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