Mining Company makes Sydne debut

Indochine Mining, which claims to be Cambodia’s largest mineral miner by land concessions, began trading on the Australian Stock Exchange on Thursday with a market capitalisation of A$54 million (US$53.2 million).

The company’s Chief Executive Officer Stephen Promnitz said the bulk of its 270 million tradable shares were owned by institutional investors seeking exposure to the Kingdom’s “expanding economy” and “resources in a new frontier such as Cambodia”.

“The great thing about Cambodia is it has not had a great amount of modern exploration,” he told The Post.

The company is “confident” of a “large discovery”, given the Kingdom’s history of limited exploration coupled with the large grants of land.

Indochine holds 2,900 square kilometres of land in Ratanakkiri province, in northern Cambodia, and another 1,400 square kilometres in Kratie province,

“I don’t think we’d be there otherwise,” said Promnitz.

The gold and copper explorer listed on the ASX in Sydney at A$0.20 a share after a successful initial public offering in October.

The IPO raised $20.1 million, exceeding its minimum target of $12 million.

Indochine’s share price fell to a low of A$0.16 during the first day of trading, finally closing 3 cents down at $0.17.