By David Winning
SYDNEY--Copper and gold miner Straits Resources Ltd. (SRQ.AU) is
poised to launch a 60 million Australian dollar (US$61.2 million)
capital raising, a person familiar with the matter said Friday.
Commodities trading giant Glencore International PLC (GLEN.LN)
is likely to underwrite the majority of the share issue, which
could be tied to a offtake agreement for copper supply, the person
said.
It comes less than a month after Straits Resources, which
operates the Tritton copper mine in Australia's New South Wales
state and the Mount Muro gold mine in Indonesia, told the
Australian Securities Exchange that it had hired Investec Bank to
carry out a strategic review after running low on funds.
Trading in shares in Straits Resources was halted early Friday
pending news of a funding proposal. The Perth-based company said
Aug. 27 it was considering several proposals, which were all
expected to meet its funding requirements.
-Write to David Winning at david.winning@wsj.com
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