The board includes prominent Indigenous leader and businessman Warren Mundine as chairman and Vernon Tidy, former chairman of Avanco Resources, which bought OZ Minerals for $400 in 2018, as a non-executive director. His prominent supporters include Australia’s richest person Gina Rinehart and Cobre founder and chief executive Martin Holland.
It’s not Martin Holland’s first rodeo when it comes to IPOs on the local stock exchange.
Fuse Minerals is pre-revenue and is unlikely to generate operating income until resources are discovered. As of June 30, the company had net assets of $1.7 million.
Following the listing, Fuse Minerals’ market capitalization is expected to be between $15 million and $19 million.
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