Capstone Copper Corp (ASX:CSC) has hit another major milestone in its “compelling” expansion into Australian trading, with the Canadian miner to be added to the ASX 200 index when the market opens on Monday, March 24.
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The Canadian producer had originally eyed Australia as a perfect staging ground for dual-listing and expansion due to the lack of copper names on the bourse.
It wasn’t enough to just join the ranks of the ASX though; Capstone has been building an investment case that’s “compelling and relevant in quality and scale relative to exiting ASX investment opportunities” over the last 12 months – and it looks to have paid off, with investors seemingly liking what they’ve seen.
Today, Capstone is selling at $9.08 a share and has an $8.5 billion market cap.
Heading into this month’s index rebalancing, the company was 237th on the local bourse.
“We’re very pleased to be included in the S&P/ASX 200 index as part of the [upcoming] March rebalance,” Capstone CEO John MacKenzie said.
The inclusion is “recognition” of Capstone’s success with its secondary listing – the Vancouver company has been on the TSX since 2021 – the producer’s boss continued, pointing out its growing CDI market capitalisation and “robust trading liquidity.”
Shorts in the dual-listed company have also dipped as much as 11.7% in recent weeks.
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“We look forward to continuing to engage with analysts, institutional fund managers, and investors in the Asia Pacific region,” Capstone’s Mr MacKenzie added.
On top of its Australian market focus, the Vancouver explorer operates mining projects in Mexico, Chile, and the U.S. Though copper is its titular focus, Capstone also digs for silver, zinc, and other metals across a half-dozen sites.
CSC shares will open at $9.08 today after losing 1.94% on Friday.
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