Aurum joined the AIM market of the London Stock Exchange in May 2004 with the strategy of seeking, evaluating and acquiring gold and other mineral extraction projects in the Former Soviet Union (FSU), and in January 2005 the Company completed its first transaction by acquiring the Andash gold and copper project in the Kyrgyz Republic.
Aurum made substantial progress in taking the Andash asset to the brink of production and this culminated with an equity fundraising of a net £28.5m in February 2007 to build the Andash mine.
With the Company poised to take the Andash asset into production in late 2008, the Andash asset became subject to a legal claim that challenged Aurum’s ownership of the asset. Although the claim was entirely groundless it took the Company the best part of a year to successfully resolve the litigation, by which time the Company’s hopes of taking the Andash asset into production had vanished, primarily because during the litigation process the Company’s shareholder base had changed so significantly and the Company’s then ‘new’ major shareholders were principally interested in taking out cash from the Company.
In January 2010 the Company announced that it had disposed of the Andash asset to Kentor Gold Ltd, a company listed on the Australian Securities Exchange, and in late 2010, the Company returned a second tranche of cash to Shareholders. In total, the Company returned circa £23.5m to Shareholders.
With the sale of the Andash asset completed and with a substantial part of the Company’s cash returned to Shareholders, the Board has since focused on the restructuring of the Company to enable Aurum to deliver on its strategic objectives. Recent activities include restructuring the shareholder register, recapitalising the Company with a fundraising in April 2011, appointing a new broker, and entering into a joint venture with Ormonde Mining plc over some highly prospective gold assets in North West Spain.
The Company is now ideally positioned for growth.
Aurum Mining PLC (AUR) is quoted on AIM (Alternative Investment Market), incorporated in the United Kingdom, with operations in Spain.
Aurum Mining PLC is subject to the UK City Code on Takeovers and Mergers
Aurum Mining Plc shares are traded on AIM only, they are not traded on any other exchange or trading platforms.
There are no restrictions on the transfer of the Company’s securities