Market news.(Brief Article)(Statistical Data Included)
A new mineral sands developer plans to list on the Australian Stock Exchange, raising A$4.5 million (gross) through an initial public offering (IPO). Magnetic Minerals Ltd plans to put the proceeds towards scoping and prefeasibility studies of its Dongara project in Western Australia, which is near to Iluka Resources Ltd's existing operations at Eneabba. Located just north of Eneabba, Dougara has a resource of 20 Mt of mineral sands, at an average grade of 6.6% combined heavy minerals. The project occupies a land position of 271 [km.sup.2], out of a total of 1,000 [km.sup.2] held
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