Cape Alumina has announced that its Initial Public Offer (IPO) has closed fully subscribed after raising $15 million and attracting up to 500 new shareholders.
The company’s shares are expected to be listed in the Australian Securities Exchange (ASX) by the end of January.
“This is a great result in a very difficult financial market,” Cape Alumina chairman elect George Lloyd said.
Cape Alumina’s Pisolite Hills bauxite project in far north Queensland is scheduled to come on stream in 2012-2013 to supply China’s expected increasing demand for imported bauxite.
According to the company’s CEO Paul Messenger, the new development will create opportunities for both shareholders and the local indigenous community.
“If developed, the project will create around 350 permanent full time jobs in an area that currently suffers from very high unemployment and low job or work skill development opportunities,” he said.
“It will also contribute hundreds of million of dollars to the Queensland and Australian economies.”