Malaysian gold mining group Anchor Resources lodged a preliminary offer document for a listing on the Catalist board yesterday.
The group hopes to expand exploration activity at two mines in Malaysia, invest in infrastructure and equipment, and expand its gold processing capacity.
An independent report by AMC Consultants noted that the mineral assets at one of the mines are valued at between US$16.1 million (S$22.7 million) and US$22.2 million. The preferred value from AMC was US$19.2 million.
Anchor Resources recorded gold sales of about RM530,000 (S$173,900) between July and November.
The firm, which was set up in 2011, did not generate any mining revenue from 2012 to the first half of this year as it had yet to produce any gold for sale. It began mining and processing tailings in March and recording revenue in July.
UOB Kay Hian is the issue manager, sponsor and placement agent for Anchor Resources' proposed listing.
AMC told The Straits Times in October that at least six mining-related firms were likely to list here over the next 12 months despite the plunge in commodity prices.
Clear regulations from the Singapore Exchange and more retail investor interest in the sector were supporting the increased interest in listing, AMC said.
Since 2011, 14 mining companies have listed here, adding to the three already on the boards.
Anchor Resources' proposed listing is taking place amid a fall in gold prices, which reached a five-year low in November.
That prompted the chief executive of Randgold Resources to tell Bloomberg then that half of the gold coming from mines may not be viable at current prices.
Anchor Resources is the fifth firm to have indicated an interest in listing on the Catalist since the start of November.