Gold explorer IMC close to main market London listing
Irish minerals explorer IMC expects to be listed on the main market of the London Stock Exchange by the end of March as it seeks to reap the benefits of Ireland's 'gold coast'.
The company owns prospecting licenses in Wicklow and Wexford, in which there is more gold and platinum than previously thought, according to a study released by the Geological Survey of Ireland (GSI) earlier this week.
IMC, currently listed on London's ISDX market, has done a deal with Turkish giant Koza as part of its efforts to get gold out of the ground. Separately, the company plans to raise £1m as part of its efforts to tap into its interests in base metals like zinc in Ireland.
"These encouraging GSI survey results further confirm our own findings for the region. This report justifies, confirms and validates our geological exploration programme underway. We are very excited by this," IMC chairman Liam McGrattan told the Sunday Independent.
"The price of gold has gone up 16pc since the first week of January. It's a good time for gold, and it's the right time for IMC to list on the main market of the London Stock Exchange.
"Koza Gold will expend €3.4m on our five precious metal licences in Wicklow and Wexford," McGrattan said.
Earlier this week, the GSI said there is more platinum, gold and precious metals in the streams and rivers of the south east of Ireland than previously believed.
"As well as reconfirming high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be a source for the gold mineralisation in the region," it said.