By : JD News Editor
Jordan Daily – United Financial Investments Company (UFICO) has signed an agreement to act as financial advisor and lead manager to Wadi Araba Minerals Company, the firms said on Sunday, as Jordan steps up efforts to revive its capital markets and mining sector.
The agreement was signed by UFICO Chief Executive Zaid Nassif and Wadi Araba for Minerals General Manager Hani Al-Asmar. UFICO is licensed by the Jordan Securities Commission and has more than 30 years of experience, with issuance transactions exceeding $1.5 billion, UFICO said in a statement seen by Jordan Daily.
The deal follows a 30-year implementation agreement between Wadi Araba Minerals and the Ministry of Energy and Mineral Resources to exploit copper ore in the Wadi Abu Khushaibeh area of Wadi Araba, south of the Dead Sea. The concession covers 48 square kilometres and contains an estimated 30 million tonnes of copper ore at economically viable grades.
The company is currently working with the government to construct a pilot plant with annual production capacity of up to 1,000 tonnes of refined copper.
Under the agreement, Wadi Araba for Minerals is required to conduct an initial public offering (IPO) of no less than 49% of its shares, a move seen as supporting government efforts to boost liquidity in Jordan’s subdued IPO market.
