Gold firm to Royals to sell mine shares in Wales

Owner of mine who has been manufacturing wedding rings for generations and spun off the iron ore and graphite business into a separate publicly traded company


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Royal tradition: Kate Middleton opted for a Welsh gold wedding ring

Royal tradition: Kate Middleton opted for a Welsh gold wedding ring

The Welsh mine owner who has been producing wedding rings for generations is splitting its iron ore and graphite business into a separate publicly traded company.

Alba Mineral Resources will divest its mining and exploration assets in Greenland into a new company, Greenroc. This allows it to focus on its Welsh gold business, including the Gwynfynydd gold mine and the Clogau St David’s mine. The latter stopped producing Welsh rare gold in 1998, but the company is investigating possible new mineral deposits.

Kate Middleton, Meghan Markle and the Queen themselves wore wedding rings made from Welsh gold mined from the Clogau mine in North Wales. The tradition was started by Lady Elizabeth Bowes-Lyon in 1923, who later became the Queen Mother.

Greenroc will debut on AIM on Tuesday, when 59.5 million shares will be issued for 10 pence each. The listing is expected to bring in around £5 million and the value of the new company at around £11 million.

Alba Mineral Resources will continue to own 54.7 percent of the shares of Greenroc after the IPO.

Alba’s directors believe that divesting the company, which mines graphite used in lithium-ion batteries for electric cars, will give the market more focus to increase the company’s value.

The price of iron ore also recently reached a 10-year high.

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