Shares in copper miner Frontier Mining began trading on the Kazakhstan Stock Exchange (KASE) last Friday. The UK-based company is now one of 79 companies on the exchange, with a collective market cap figure of around US$32 billion.
The new listing complies with the regulatory requirements of the country’s national bank. This states all Kazakhstan registered businesses, or any business which has more than two-thirds of its assets in the country, and at the same time holds a foreign listing, must also maintain a listing on KASE.
Frontier, which is also quoted on AIM, is developing its flagship Benkala asset, which has a resource of more than 360 million tonnes of mineable ore, with potential for more.
Operations began in April this year and the firm is trying to optimize operations after teething problems. This has included an upgrade of the solvent extraction-electro winning (SX-EW) plant to process 10,000 tonnes/annum, up from 7000 tonnes. The firm has earmarked production to be in the range between 1700 and 2100 tonnes by the end of 2013.
In October Frontier said key goals in the near future were to advance its South Benkala project and its other project Baitemir, by extending and defining a compliant resource number. It is also reviewing whether it can run the main Benkala operations all year round, rather than close down during the freezing winter.