TRANSCRIPTION OF FINANCE NEWS NETWORK INTERVIEW WITH INDOCHINE MINING LIMITED
(ASX:IDC) CEO, STEPHEN PROMNITZ
Emma Pearson: Hello Emma Pearson reporting for the Finance News Network. Joining me today from gold and copper explorer Indochine Mining is CEO, Stephen Promnitz. Stephen welcome to FNN.
Can you start by introducing the Company, how long has the Company been going, where do you operate and who has backed the Company to this point?
Stephen Promnitz: Well Indochine Mining is a new IPO on the ASX. It’s a gold copper exploration play in Cambodia and the great thing about Cambodia is it’s a country that really has received no modern exploration. And Indochine is fortunate in that it has the largest property holding within Cambodia and it owns it one hundred percent.
The Company’s actually been operating since 2006, building up a property package, putting in pre IPOC Capital to do all the initial work and it’s now actually at a stage where target’s been defined that can then get detailed work and drilling. So it’s actually just the right time for market.
So that’s the background to Indochine Mining. It’s going to have a ticker code IDC once it starts and is trading on the Stock Exchange, somewhere during November 2010. At this stage it’s had the backing of major international institutional investors, predominantly out of Europe and the UK. And also it’s had backing locally out of Cambodia and out of Australia.
Emma Pearson: Now Stephen you’re currently in the process of listing on the ASX, how much are you looking to raise and when do you expect to list?
Stephen Promnitz: We would expect the Company to actually be trading sometime during November 2010. We’re looking to raise about 20 million Australian. The Prospectus that’s live is there to raise between 12 to 25 million and now that both gold prices and copper prices are quite high, there’s a lot of institutional interest. There’s a lot of retail interest in these sorts of offerings. So it’s probably going to be the upper end of that range.
Emma Pearson: Okay so where will the money go and how long will this fund operations before you’ll need to raise again?
Stephen Promnitz: The idea of this raising is that it will fund exploration for the next eighteen to twenty-four months.
Emma Pearson: The Company’s Mission Statement is to replicate the successes of Kingsgate, Pan Australia, Oxiana and Oz Minerals in the development of a major new gold and copper province. You’ve just been appointed CEO from Kingsgate Consolidated, who else is in the team supporting you in the task?
Stephen Promnitz: As a part of bringing this to market, we’ve appointed some new people as part of the team. One of the key appointments was earlier this year, David Meade. He’s the Exploration Manager and he’s previously worked in the region for PanAust for Oxiana and Oz Minerals. And so he’s perfectly suited to be able to take this team and run with it and have it focused to bring the sort of information, have the right sort of approach to exploration.
Then in addition to that, we’ve made some Board changes and we’ve appointed Ian Ross who is the Chairman. He was in charge of Ivanhoe and Ivanhoe’s been developing one of the largest gold copper deposits ever found in Mongolia. So he’s well suited to the task, particularly in a smaller company like this. In addition we’ve appointed Gavan Farley who has not worked in mining but has worked in international companies, both from a private and a public level.
These are the sorts of people we need at a high level and then we’ve got the support at a local level. We’ve got both local geologists as well as geologists in the South East Asian region.
Emma Pearson: Last question Stephen. Where do you see Indochine Mining in say twelve to eighteen months’ time?
Stephen Promnitz: I think the projects in Cambodia are going to show some real surprises to the market. That’s a very large property position and although if you look at it now, you can’t say right - there’s the next ore body, here’s an extra resource - just because of the fact you’ve had the artisanal miners, just because of some of the results that have come in. The potential there is to generate some substantial deposits. So I think that we’ll probably have at least a couple of projects and they’ll be at least at the resource stage if not at the resource definition stage.
Emma Pearson: Stephen Promnitz, good luck with the float.
Stephen Promnitz: Thank you very much.
