MARENGO Mining Ltd, currently carrying out exploration and feasibility activities in Madang province, raised a total of A$21.7 million (K54 million) in separate placements to investors in Canada and Australia.
It said in a statement the international capital raising was well reported as it brought Quantum Partners LDC (the Soros Group) on to its share register with a 19.9% holding, while other major shareholder, The Sentient Group, increased its holding in Marengo to 26.65%, according to Marengo chairman John Horan.
Managing director Les Emery said there was a general lift in commodity prices, almost entirely across the board, with copper doing the right thing.
“We noted that the copper price doubled, from just under US$1.50 a pound at this time last year to around US$43 (K114.97) currently.
“This certainly gives us a sense of confidence as we reflect on the real progress we have made, both at our flagship Yandera Copper-Molybdenum-gold project in PNG and at a corporate level.
“But we recognise that the real job is still in front of us,” he said.
Mr Emery said there was excellent progress on the Yandera definitive feasibility study (DFS) and the company started on the 14 months of its planned duration.