Fresnillo buys 5% Sinda stake ahead of its New York float
(Alliance News) - Fresnillo PLC on Monday said it will snap up a 5.0% stake in silver miner Sinda Ltd, which has launched its US initial public offering.
Fresnillo, a gold and silver miner in Mexico, Peru and Chile, said it has entered into an agreement to buy shares in Sinda at the IPO price.
Sinda on Monday announced the launch of a roadshow for its IPO of around 17.8 million. The IPO price is expected to be between USD11.25 and USD13.25 per share.
"Sinda holds title to, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery, adjacent to Fresnillo's advanced exploration project, located in the historic Guanajuato epithermal silver belt of Mexico. The Sinda property is a large primary silver asset that has the potential to be a globally significant mining operation," Fresnillo said.
"Fresnillo is acquiring the common shares to enhance its exposure to attractive geological silver districts, complementary to the company's organic portfolio."
According to a Sinda prospectus, Fresnillo is acquiring 7.8 million shares, worth USD96.0 million at the USD12.25 per share mid-point of the IPO price range.
Fresnillo shares were 2.6% higher at 3,049.20 pence each in London on Monday afternoon.
By Eric Cunha, Alliance News news editor
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