EMR Capital prepares IPO of Golden Grove, other copper assets – The Australian

Private equity firm EMR Capital Pty. Ltd. is preparing an IPO of its Golden Grove copper project in Western Australia and other copper assets, with advisers Macquarie Capital and Credit Suisse working towards a listing in the second quarter, The Australian reported Feb. 14.

The listing is expected to include 80% of the Lubambe copper mine in Zambia, which EMR acquired for US$97 million, and the Capricorn copper operation in Queensland, Australia, that the company bought for A$45 million in 2015 and has received investments worth A$100 million.

Meanwhile, the sale process for Golden Grove remains in full swing, with EMR still determining whether a trade sale or listing will create more value. Sandfire Resources Ltd. is considered to be a strong potential bidder for Golden Grove.

EMR Capital also owns the Kestrel coal mine in Queensland, which is being closely watched by turnaround funds due to operational issues that have driven up its costs.