Firm files for Nasdaq listing to fund Lake Chilwa project

Chilwa Minerals Limited, which is exploring mineral deposits in the Lake Chilwa basin in Machinga District, has filed a registration statement with the US Securities and Exchange Commission to list on Nasdaq Stock Market. The proposed initial public offering is aimed at raising capital for mine development. In its update, the company confirmed that in connection with the proposed offering, it intends to seek a listing on the Nasdaq Capital Market.

“Chilwa’s ordinary shares will continue to be quoted on the Australian Securities Exchange [ASX],” reads the update in part. Chilwa Minerals Limited founder and managing director Cadell Buss has described the move as a gateway to deeper capital markets. “The United States is moving decisively to secure rare earths and critical minerals.

Its defence, energy and manufacturing sectors depend on it and the Chilwa Critical Minerals Project sits squarely within that priority,” he said. Buss said that the US equity market, valued at about $70 trillion, represents nearly half of global equity market capitalisation. The Nasdaq filing comes three years after Chilwa Minerals listed on the ASX.

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Investment analyst Bond Mtembezeka said in an interview that foreign exchanges provide access to hard currency needed for equipment and development. In an interview, geoscience expert Ignatius Kamwanje added that Nasdaq’s global reputation will enhance investor visibility and confidence in the mine. Chilwa Minerals owns 100 percent of the Lake Chilwa project, which hosts heavy mineral sands, niobium and rare earth elements. The company’s move mirrors efforts by Mkango Resources Limited, which is advancing plans to list its Songwe Hill Rare Earths Project in Phalombe District on Nasdaq.

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