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Report: Guangdong Rising mulling IPO of gold-copper miner PanAust

Guangdong Rising Assets Management Co. Ltd. is said to be considering a potential IPO of Australian gold-copper miner PanAust Ltd., which the former purchased a few years ago in a A$1.2 billion listed takeover battle, The Australian reported June 5.

According to the report, a number of PanAust-held assets in Laos, which include the Phu Kham copper-gold mine and the Ban Houayxai gold-silver mines, are winding down their production lives.

As a result, the potential listing price may be less than the A$1.2 billion Guangdong Rising paid to acquire the company in 2015, the report said. PanAust also holds an 80% interest in the Frieda River copper-gold project in Papua New Guinea.

In April, Highlands Pacific Ltd. lost the first stage of arbitration proceedings over its Frieda River copper joint venture in Papua New Guinea with PanAust after the arbitrator determined that Highlands' free-carried interest in the project ceased from the date the special mining lease application was submitted.