Monarch will also be the third gold mining company to list on the DIFX, the rapidly growing stock market that serves the region between Western Europe and East Asia. Monarch is already listed on the Australian Stock Exchange (ASX:MON).
Michael Kiernan, Monarch's Chairman, said: "The DIFX region has a traditional understanding of Monarch's product, gold, as well as a sophisticated investor base looking for quality overseas investment opportunities. The exchange provides an excellent gateway for these investors to invest in Monarch for the first time as our business rapidly expands towards pouring its first gold bar in July 2007.
"Our goal is to have approximately 15 per cent of Monarch's shareholders to be based in Gulf Cooperation Council (GCC)." Mr Kiernan said.
Per E. Larsson, Chief Executive of the DIFX, said: "Monarch is an excellent example of companies around the world that understand the advantages of the DIFX platform. As well as international standards of regulation, we offer a unique mix of international and regional brokers, enabling anyone to trade through the DIFX market."
Computershare, an international share registry, will enable trading on the DIFX to take place in the same pool of ordinary shares that is listed on the ASX, through a settlement link.
Monarch has grown to become the largest Australian-owned landowner in the mineral rich area of the Goldfields located near Kalgoorlie in Western Australia. The company says it currently has a resource base totalling 2.4 million ounces and two state-of-the-art gold treatment plants.
Over the next 12 months, Monarch expects to generate 25 million Australian dollars (US$ 21 million) in after-tax profit from mining gold in Australia.
Kiernan said: "Monarch remains firmly on track with its production targets, with mining of gold underway at Davyhurst, followed by mining at our Mt Ida project in July 2007. We are focussed on meeting our production target and taking Monarch from explorer to producer, with a goal of becoming a 500,000 ounce per annum producer by end of 2009."
Hamed Ali, Executive Officer of the DIFX, said: "Momentum at the exchange is building rapidly. The addition of Monarch to our listed companies is an important enhancement of our offering to investors in the UAE and in our region."
Monarch is the 10th company to carry out an equity listing on the DIFX. Other issuers have roots in countries including Bahrain, Germany, Saudi Arabia, South Africa, Switzerland and the UK as well as Australia.
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Monarch becomes third Australian Company to list on Dubai International Financial Exchange (DIFX)
- United Arab Emirates: Sunday, June 10 - 2007 at 16:28
- PRESS RELEASE
Monarch Gold Mining Company Limited will tomorrow become the third Australian company to list its shares on the Dubai International Financial Exchange (DIFX).
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About DIFXThe DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 20 Members including ABN AMRO, Abu Dhabi Commercial Bank, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital, Standard Chartered and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Rana Sugars (global depositary receipts); Bonds - Dubai Holding Commercial Operations Group (Euro Medium Term Notes), MashreqBank (Euro Medium Term Notes), National Bank of Dubai (Euro Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), DAAR International Sukuk Company (Sukuk), DIB Sukuk (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
www.difx.ae
For further information about Monarch Gold, please contact:
Dubai:
Mohammed Aly Sergie
Gulf Hill & Knowlton
direct: +971 4 4055 617
Australia:
Michael Kiernan
Executive Chairman - Monarch Gold
Tel: 08 9481 6422
Warrick Hazeldine
Purple Communications
Tel: +61 (0)8 9485 1254
About Monarch Gold
Monarch Gold Mining Company was formed by a group of experienced Australian mining executives and has been listed on the Australian Stock Exchange since 2002. Its market capitalisation is about A$94 million.
Since November 2005, Monarch has laid the foundations for its growth as a mid-tier Australian gold production company. It acquired the Davyhurst Gold Project in November 2005, and in 2006 reached agreement with Gindalbie Metals to acquire the Minjar gold projects 500km north-east of Perth. Monarch also completed a merger with Siberia Mining Corporation Limited in 2006, which provided access to Siberia 1.2 million ounce resource base, and the largest Australian-controlled ground position in the Kalgoorlie region. Monarch also has the ground package surrounding the historic Bellevue Gold Mine near Leinster. In March 2007, Monarch acquired the rich Mt Ida project, located within the 120 kilometres of Monarch's Davyhurst Mill, from International Goldfields Limited.
Growth Strategy
Monarch's growth strategy is focused on four potential production centres in Western Australia:
Davyhurst - gold resources of over 2m oz within a 2,000 sq km tenement package and 1.2mtpa gold processing facility (+1.2Moz historic production).
Mt Ida - resources are stated as 143,000t at 24.0 g/t containing 110,650 ounces of gold within three areas - the Baldock, Whinnen and Meteor deposits, adjacent to the historic Timoni underground gold mine which produced 265,000oz of gold. Monarch will commence mining gold in July 2007.
Minjar - gold resources of over 400,000oz within a 1,722 sq km tenement package and 600,000tpa gold processing facility (+120,000oz historic production).
Bellevue - gold resources of 120,000oz associated with the historic Bellevue Gold Mine, one of WA' premier gold operations (750,000oz historic production).
Monarch's strategy has been to capture opportunities for the consolidation of gold development assets which have not in the past realised their full potential, either due to a lack of capital or to limited exploration.
Monarch is focussed on gold production, with a target to be producing 500,000oz per annum by December 2009.
For further information visit: www.monarchgold.com.au
Posted by Lara Lynn Golden, News EditorSunday, June 10 - 2007 at 16:28 UAE local time (GMT+4)
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This article was updated on Fri Jun 15 2007.
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