ASX-listed Minemakers Limited has announced the completion of the de-merger of its Tasmanian tin assets into TNT Mines Limited on 19 July. The planned move was originally announced last year, with the intention of listing TNT and raising A$10 million in an Initial Public Offering (IPO). In a letter to shareholders this week Minemakers said that “TNT has recently completed preparation of a draft prospectus in anticipation of an IPO and application for listing on the Australian Securities Exchange (“ASX”). However, due to the current state of the financial markets, the TNT Board has decided on 19 July 2011 to defer the IPO and listing until conditions improve.”
TNT’s interests include a number of tin-tungsten projects in the Rossarden district of north east Tasmania near the historic Aberfoyle and Storey’s Creek mines, which could be exploited by a mix of open cut and underground mines serving a common mill. In January this year it also agreed with Clancy Exploration to carry out exploration work at the Oonah and Waratah deposits in north western Tasmania which could earn it a 75% stake in these projects. TNT also has priority applications over offshore alluvial deposits in Ringarooma Bay.
