Owner of mine that has produced wedding rings for generations of Royals splitting off iron ore and graphite operation into separate listed company
Royal tradition: Kate Middleton opted for a Welsh gold wedding ring
The owner of the Welsh mine that has produced wedding rings for generations of Royals is splitting off its iron ore and graphite operation into a separate listed company.
Alba Mineral Resources is spinning off its Greenland mining and exploration assets into a new company, Greenroc. This will allow it to concentrate on its Welsh gold business, which includes the Gwynfynydd gold mine, as well as the Clogau St David’s mine. The latter ceased production of rare Welsh gold in 1998, but the firm is researching potential new mineral deposits.
Kate Middleton, Meghan Markle and the Queen herself wore wedding rings fashioned from Welsh gold extracted from the Clogau mine in North Wales. The tradition was started by Lady Elizabeth Bowes-Lyon in 1923, who went on to become the Queen Mother.
Greenroc will debut on AIM on Tuesday when 59.5million shares will be issued at 10p each. The listing is expected to raise about £5million and value the new company at about £11million.
Alba Mineral Resources will continue to own 54.7 per cent of Greenroc’s shares after the float.
Alba directors believe spinning off the business, which mines graphite used in lithium-ion electric car batteries, will provide more focus for the market to boost the company’s value.
The price of iron ore also recently hit a ten-year high.