Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Aura Minerals Inc filed on Wednesday for initial public offering on the Sao Paulo stock exchange B3, according to a securities filing.
Based in the British Virgin Islands and listed in Toronto, Aura has mining assets in Honduras, Brazil, U.S. and Mexico and besides exploration projects in Colombia. It explores gold, copper and silver.
The offering may reach up to 947.6 million reais ($182.54 million), considering the upper part of the range, but excluding potential overallotments.
The company set its price per Brazilian Depositary Receipts (BDR) at between 820 reais and 990 reais. The price will be set on July 2.
Both the company and its shareholders will sell shares in the offering.
Investment banking units of Credit Suisse, Itau Unibanco Holding SA, XP Inc and Banco Safra SA will manage the offering.
($1 = 5.1911 reais)
(By Carolina Mandl; Editing by Louise Heavens)
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