Fortress Minerals seeks Catalist listing

Singapore

IRON ore concentrate producer Fortress Minerals has lodged a preliminary prospectus for a planned initial public offering (IPO) on the Singapore Exchange's Catalist board. Details of the pricing, amount to be raised and timing of the offering have yet to be announced.

Fortress Minerals is principally in the business of exploration, mining, production and sale of iron ore concentrate, primarily to steel mills and trading companies in China and Malaysia. Based on the prospectus lodged, Fortress Minerals posted for the first half of fiscal 2019, revenue of US$6.6 million. Net profit for the period was US$2 million, reversing from a net loss of US$546,000 in the same period the year before.