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Macarthur Minerals (ASX:MIO) announces gold and copper assets spin out
Pilbara, WA. Source: Macarthur Minerals.
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  • Macarthur Minerals (MIO) is planning to spin out its Pilbara-based gold and copper assets into its subsidiary Infinity Mining
  • The company was previous called Macarthur Australia and already holds all of MIO's gold, copper and lithium tenements
  • Macarthur says it will list Infinity Mining on the ASX via an IPO, with the new business to also acquire additional tenements
  • MIO says the spin out will deliver more value for its shareholders and allow the company to better focus on its iron ore project
  • Shares in Macarthur Minerals are up 4.35 per cent at 48 cents each at 12:15 pm AEST

Macarthur Minerals (MIO) is planning to spin out its Pilbara-based gold and copper assets into its subsidiary Infinity Mining.

MIO will then list the subsidiary on the ASX via an IPO, with the new business to also acquire additional tenements.

Before it was called Infinity, the business had been known as Macarthur Australia.

It already holds all of MIO's gold, copper and lithium tenements via its own subsidiary, Macarthur Lithium.

These assets include the Hillside Gold and Copper Project, the Panorama Gold Project and the Tambourah Lithium Project.

Infinity is also planning to also take ownership of Zanil's 10 copper and gold tenements in WA's Central Goldfields, pending due diligence on the assets.

MIO Managing Director Joe Phillips said spinning out the subsidiary would deliver better value for shareholders and also allow the company to focus on its iron ore project.

"Macarthur’s board has carefully considered all available options and we believe the value of the Pilbara gold/copper/lithium assets is not reflected in the current share price of Macarthur and see this as a way to create additional value for shareholders via a priority IPO spin-off to be listed on the ASX," Mr Phillips said.

"The addition of the Central Goldfields assets into the portfolio will provide the new company access to potential surface gold historically identified that may be toll treated through regional gold mines.

"The new vehicle will evaluate opportunities outside of the iron ore space, and will ensure that Macarthur retains its primary focus on the Lake Giles Iron Project."

Shares in Macarthur Minerals were trading up 4.35 per cent at 48 cents each at 12:15 pm AEST.

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