London Stock Exchange Welcomes GoldBridges Global Resources to the Main Market
London Stock Exchange is pleased to welcome GoldBridges Global Resources Plc (“GoldBridges” or “the Company”) to the Main Market of the London Stock Exchange on 19 December 2014 (symbol GBGR) with a standard listing.
GoldBridges, which is graduating from AIM, is a precious metals producer with operations in Kazakhstan. Its primary asset is the Sekisovskoye open pit mine, located in the east of the country, which has successfully produced gold and silver for the past six years. In November 2014 GoldBridges published a technical survey on the Sekisovskoye mine that shows reserves of 2.26 million ounces, which will allow the Company to deliver transformational growth. To access these reserves, GoldBridges will switch operations from open pit to underground mining, for which all regulatory permits are in place. This supports forecast annual production of 100-120,000 ounces per annum by 2018, up from 30,000 ounces in 2013, at operating costs of US$518 per ounce of gold. In addition, GoldBridges recently acquired the geological data for the adjacent Karasuyskoye Goldfields, which offer significant potential for growth beyond the Sekisovskoye mine.
The Company has the full support of the government of Kazakhstan, who have included the Sekisovskoye mine in the State Programme created to boost projects of strategic economic importance. This will enable GoldBridges to take advantage of targeted infrastructure development and tax relief.
Following admission, the market capitalisation of the Company will be approximately £65 million, comprised of 2,211,342,130 ordinary shares in issue.
Aidar Assaubayev, Chief Executive Officer of GoldBridges said:
“Our graduation to the Main Market of the London Stock Exchange is a significant milestone for the Company. It is a natural step in our growth cycle and sets us apart from the majority of our AIM listed mining peers. We are proud to be using the Main Market as it is intended, to support the growth of quality companies, and to be bringing a quality Kazakh company to the main board. It also reflects our management’s focus on corporate governance and commitment to the London investor base and regulatory environment.”
“We have built up a strong track record over the past six years and we are positioned for a very exciting period of growth with the forthcoming expansion of our operations.”