Arizona Sonoran Copper Company Inc. is looking to raise $60-million in an initial public offering on the Toronto Stock Exchange, hoping to cash in on investor enthusiasm for one of the best-performing metals this year.
Run by former Kirkland Lake Gold Ltd. chief executive officer George Ogilvie, the private-equity-owned junior filed paperwork to go public on Wednesday. Arizona Sonoran hopes to revive a copper mining camp in Arizona that ran dry in the 1980s. London-based Tembo Capital Management Ltd. and Resource Capital Funds of Denver are the biggest shareholders.
Copper has risen from US$2.20 a pound at the start of the pandemic to a record $US4.76 a pound in May. It now sits at US$4.17. The metal has benefited from a snap back in industrial demand this year, as global economies stage a brisk rebound with COVID-19 restrictions easing.
Increased demand for copper in cleaner energy uses, such as electric car batteries has also been a contributing factor in copper’s bull run.
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