Northern Minerals Co plans IPO fund expansion

Northern Minerals Co plans IPO to fund expansion

2:50 AM, 27th March 2012
Northern Minerals Co plans IPO to fund expansion
NMC site using modern mining equipment.

MUSCAT, OMAN: Northern Minerals Co (NMC), the mining and mineral processing firm, is preparing to float an initial public offering (IPO) to fund its proposed expansion projects, in the rapidly expanding mining and mineral processing industry in the region.

Since the company is embarking on expansion of its activities which require huge sum of investment, the board of directors is looking into the possibility of changing the legal entity of the company to public shareholding company with initial public offerings,” said Jamal Said Rajab Al Ojaili, Chairman, NMC. The move, if eventually crystallised, has the potential to impart robust impetus to the NMC’s strategy for the expansion, diversification and modernization of its mining and processing operations, he informed.

The company plans for building a quick and hydrated lime project with an investment of around RO 6 million. “A study into the feasibility of the project has already been completed and we are right now in the process of shortlisting suppliers of equipment for a fuel-efficient lime kiln. Government approval for the project has already been obtained,” said Al Ojaili.

Over the past five years, NMC has invested in modern mining infrastructure, including sophisticated crushing units, high efficiency screening plants, storage silos for bulk products and logistics support for prompt delivery of materials. The emphasis on modernisation has paid rich dividends with the company continuing to perform exceptionally well, Al Ojaili said.

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