Cool reception as Chilwa joins ASX

摘要

Unfortunately for the institutional and private investors who backed the initial public offer to raise A$8 million at 20c, Chilwa opened at 17c and fell to a low of 15.5c early in trade. While its debut may have been marred by early selling pressure, the Malawi-focused Chilwa has an opportunity to make its mark in the emerging east African mineral sands project with a 17,000m drilling program to begin, designed to upgrade and expand its existing 61.6 million tonne grading 3.9 for 2.4Mt total heavy mineralisation inferred resource (based on a 1 THM cut-off.