Street Talk

Stirling kicks off $96m raising

Patersons has opened the book on a $96 million share placement to fund Stirling Minerals’ acquisition of DMC Mining.

Nabila Ahmed and Sarah Thompson

Updated Nov 23, 2010 – 3.17pm, first published at 11.06am

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Patersons has opened the book on a $96 million share placement to finance Stirling Minerals ’ acquisition of DMC Mining from Cape Lambert Resources , with bids to be received by next Monday.

Stirling is planning to sell 320 million shares at 30¢ apiece to fund the purchase of DMC, to be renamed African Iron, and to further develop DMC’s 80 per cent owned Mayoko iron ore asset in the Republic of Congo, which is scheduled to go into production in 2013.