Katanga Mining, the £1.5 billion Toronto-listed group that is set to become Africa’s biggest producer of copper and the world’s leading cobalt supplier, is contemplating a listing on the London Stock Exchange this year. The company is now engaged in a feasibility study of its projects in the Democratic Republic of Congo.

A company spokesman says, ‘A London listing is being looked at and a fundraising is being considered.’ This is likely to take the form of a loan facility of up to $500 million (£250 million).

Headed by London-based field sports enthusiast Art Ditto, Katanga attracted keen bidding interest last year on the strength of its rich Kamato copper and cobalt project in the Congo.
The company significantly enlarged itself in November by acquiring AIM-quoted mineral group Nikanor in a shares and cash bid, supported by Nikanor’s shareholders including the family of Israeli diamond dealer and prominent market player Dan Gertler.

That deal created a group with potential assets put at £1.7 billion. Katanga, which saw off a bid from Phil Edmonds’s Central African Mining & Exploration Company, has set itself the goal of producing copper at the rate of 300,000 tonnes a year from 2011, as well as 30,000 tonnes of cobalt.

Katanga has to handle several sensitive issues, including the Congolese authorities’ scrutiny of overseas companies’ mining licences. The shares now trade at C$15.64 (782p), valuing the company at C$3.16 billion.