Introduction
Consolidation amongst stock exchanges is at an unprecedented
level in a commodities-fuelled race to become the premium global
minerals exchange. Exchanges are merging, forming strategic
partnerships, and developing new and tailored listing rules in
order to offer more opportunities and sources of finance. What
effect will these changes have on miners seeking capital?
Background
2009 was a terrible year for junior miners; while the
challenging market conditions led to majors deferring capital
expenditure, juniors found their ability to raise funds in an
illiquid market severely curtailed.
Fast forward to 2011 and the mining industry is roaring ahead.
Global commodity prices are high. Some of the largest recent IPOs
and secondary listings have been by mining companies: Glencore,
Tahoe Resources, Pretium Resources, Aston Resources and Vale have
all dominated the resources sector news. Mining exploration and
development activities are penetrating
