Canadian explorer Euro Manganese has listed on the Australian Stock Exchange as it seeks to re-boot production at an old manganese mine in the Czech Republic.
Ahead of its market debut on Monday the company raised $6.5 million in an initial public offering at 26 cents a share, with a further $2.5 million raised at a price of 25 cents a share as part of its listing on the Toronto Stock Exchange.
Euro Manganese, which was founded in Vancouver in 2014, owns the Chvaletice manganese project 90km east of Prague.
The mineral explorer intends to develop the old open cut mine by re-processing manganese deposits held in its tailings.
The extracted mineral will be used in the production of high-purity manganese products for lithium-ion batteries, specialty steel and aluminium alloys.
Manganese is the world’s fourth most used metal after iron, aluminium and copper, with 90 per cent of it going into steel-making as an alloying agent.
Shares in Euro Manganese (EMN) were trading up three cents, or 11.5 per cent, at 29 cents at 1110 AEST, after opening on a high of 30 cents.