Monarch becomes third Australian company to list on Dubai International Financial Exchange (DIFX)
Monarch will also be the third gold mining company to list on the DIFX, the rapidly growing stock market that serves the region between Western Europe and East Asia. Monarch is already listed on the Australian Stock Exchange (ASX:MON).
Michael Kiernan, Monarch’s Chairman, said: “The DIFX region has a traditional understanding of Monarch’s product, gold, as well as a sophisticated investor base looking for quality overseas investment opportunities. The exchange provides an excellent gateway for these investors to invest in Monarch for the first time as our business rapidly expands towards pouring its first gold bar in July 2007.
“Our goal is to have approximately 15 per cent of Monarch’s shareholders to be based in Gulf Cooperation Council (GCC).” Mr Kiernan said.
Per E. Larsson, Chief Executive of the DIFX, said: “Monarch is an excellent example of companies around the world that understand the advantages of the DIFX platform. As well as international standards of regulation, we offer a unique mix of international and regional brokers, enabling anyone to trade through the DIFX market.”
Computershare, an international share registry, will enable trading on the DIFX to take place in the same pool of ordinary shares that is listed on the ASX, through a settlement link.
Monarch has grown to become the largest Australian-owned landowner in the mineral rich area of the Goldfields located near Kalgoorlie in Western Australia. The company says it currently has a resource base totalling 2.4 million ounces and two state-of-the-art gold treatment plants.
Over the next 12 months, Monarch expects to generate 25 million Australian dollars (US$ 21 million) in after-tax profit from mining gold in Australia.
Kiernan said: “Monarch remains firmly on track with its production targets, with mining of gold underway at Davyhurst, followed by mining at our Mt Ida project in July 2007. We are focussed on meeting our production target and taking Monarch from explorer to producer, with a goal of becoming a 500,000 ounce per annum producer by end of 2009.”
Hamed Ali, Executive Officer of the DIFX, said: “Momentum at the exchange is building rapidly. The addition of Monarch to our listed companies is an important enhancement of our offering to investors in the UAE and in our region.”
Monarch is the 10th company to carry out an equity listing on the DIFX. Other issuers have roots in countries including Bahrain, Germany, Saudi Arabia, South Africa, Switzerland and the UK as well as Australia.