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TNG pencils in ASX listing of base metals subsidiary for Q2

TNG Ltd. said Jan. 20 that it is on track with its planned spinout of its noncore Australian base metal assets, with a listing on the ASX set for early in the second quarter.

The company is demerging its base metals assets in the Northern Territory into subsidiary Todd River Resources Ltd.

The new company will hold a total of 13 exploration projects including the Manbarrum zinc project, the Mount Hardy copper-zinc project, the Stokes Yard zinc project and the McArthur copper-zinc project.

Shareholders initially approved the spinout via an in-specie distribution of shares in Todd River Resources in mid-May 2015, but weak market conditions forced TNG to shelve the plan in late 2015.

The company put the demerger back on the agenda in July 2016 following a pick-up in market conditions.

TNG said the launch of the IPO was "imminent."