Raising capital in the heart of the worlds financial markets for global mining

companies

June 2012

London is the leading international listing venue

LSEG

HKSE

NYSE

TMX Group

ASX

JSE

USD 3,397 bn

USD 2,258 bn

USD 11,795 bn

USD 1,912 bn

USD 1,198 bn

USD 798 bn

2,886
(598)

1,496
(24)

2,308
(520)

3,945
(100)

2,079
(96)

253
(2)

FTSE 100

Hang Seng
Index

Dow Jones
Industrial

S&P/TSX
Composite

S&P/ ASX 200

FTSE JSE Top 40

International companies
in the index

Yes

No

No

No

Yes

Yes

Number of Mining
Companies Listed ((1)

143

41

28

1,376

649

36

USD 601 bn

USD 98 bn

USD 155 bn

USD 283 bn

USD 440 bn

USD 94 bn

USD 385 bn

USD 54.76 bn

USD 57.38 bn

USD 57.33 bn

USD 151.42 bn

USD 34.56 bn

Domestic Market cap*

Number of listed
companies
(of which international)*
Flagship Index

Mining Sector Combined

Market Cap (1)
Mining Sector Revenues

(2)

All information is current at 25 January 2012

*Source: World Federation of Exchanges
(1)

Source: Bloomberg :

(2) Source: Bloomberg . Refers to sector revenue, operating profit, throughout the past 12 months
2

Leading global exchange

We operate one of the largest and the most liquid equity markets globally
London Stock Exchange Group is the largest equity market in Europe(1)
2,886 companies sharing an aggregate market cap
of above to USD 6 trillion

Average daily traded value (ADTV) and number of

trades in shares in 2011

598 international companies with aggregate market

cap exceeding USD 3.1 trillion.

1,000

12,000

Number of trades
Value of trades

900

and has one of the worlds most liquid

secondary markets(2)

USD (m)

800
700

10,000

8,000

600
500

6,000

400

Over 600 member firms have access to our

trading systems

4,000

300
200

2,000

100
0

During 2011, an average of over USD 11.6bn

worth of shares were traded daily on the LSEGs
markets, more than any other exchange in
Europe.

No. of transactions (000)

LSEG

TMX Group

(1)By

HSE

ASX

JSE

number and market capitalisation of listed companies (2)by value of

transacted shares Source: World Federation of Exchanges
As At 31 December 2011
3

Return to heightened volatility has implications for

companies financing decisions

Despite market volatility the London Stock Exchange has seen active IPO and
secondary fundraising markets

A total of 12.9bn was raised in IPOs on the London Stock Exchange in 2011, up 29% on
2010
4

First in global IPOs

We have consistently been the market of choice for issuers from around the world
Relative capital raisings on the London Stock
Exchange over the last ten years, by region(1)

We are historically a venue of choice for companies conducting their IPOs(2)

700
600

#IPOs

500
400

300
200
100
0
1995
LSE

>USD15bn

USD 2-15bn

1996

1997

1998

NYSE Euronext (US)

1999

2000

2001

Hong Kong

2002

2003

Deutsche Borse

2004

2005

2006

2007

2008

NYSE Euronext (Europe)

2009

Shanghai

USD <2bn

We continue to lead in IPOs in 2010 & 2011(2)

The London Stock Exchange has become the listing venue of choice due to:
Internationally minded investor community
Unique concentration of advisors with experience in listing international companies

No. of IPOs

Robust and appropriate regulation

Peer group in a diverse range of sectors
Unparalleled profile and prestige
Widest choice of market and listings routes
Even in current testing market conditions the London Stock Exchange remains the market of
choice for domestic and international companies.
Source:

(1) London

Stock Exchange calculation. (2) World Federation of

Exchanges. Latest extraction 31 January 2012

London IPOs continue to demonstrate strong post IPO

performance
Bloomberg IPO indices 2 year post IPO performance

The Bloomberg European U.K. IPO Index is a capitalization-weighted index which measures the performance of stocks during their first publicly traded year. It includes all
companies with a market value of at least 50million at the initial public offering. The index was developed with a base value of 100 as of September 28, 2001. The parent
index is BEUIPO.
Source: Bloomberg February 2012
6

London home to international investors

We provide access to the worlds largest pool of international equity assets*
Leading destination for international investors

A London listing enables companies to

access a significant investor base
operating in London as well as the widest
range of global investment pools

London IPOs regularly attract investment

from key cornerstone investors and
sovereign wealth funds from across the
world

International Equity assets under

management (USD bn)

London based investors have a long

standing tradition of investing in
international companies

LSEG trend line

Competitors weighted average trend line

Equity assets under management held by foreign investors

3
% 2-year

7%

% 2-year -23%

London investors tend be more internationally focused

New York

USD bn

London

*Based on international equity AUM in key financial centres. NYSE Euronext (Europe) data is given only for Paris. TSX
data is only available for the latest quarter. Sources: Ipreo, Q1 2012.

London is a global hub for international investors

All major global investors sit in London are able to access London
Stock Exchange traded stocks

Assets managed in the UK and globally out of London ten largest investment firms

sitting in a time zone which can

trade with the world

London trading hours

-11 -10 -9

-8 -7

-6

-5 -4 -3 -2 -1
0

+1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11

USD million
Source: Investment Management Association: Asset
Management in the UK 2009-2011.

We provide high levels of liquidity

Londons investment pool offers liquidity for a large portion of LSE issuers

London Stock
Exchange
Deutsche Brse

Average daily trading velocity

(6month average daily trading value
/ free float adjusted mkt cap)

More than half of LSE traded

companies enjoy medium to high
levels of liquidity

>1%

0.5% - 1%

Our platforms are designed in a way

to maximise liquidity for different
types of securities

0.2% - 0.5%

NYSE Euronext
(Europe)

0.1% - 0.2%

London Stock Exchange offers

superior technology solutions which
deepen issuers liquidity

HKSE

0.1%<

Creation of derivatives and exchange

traded funds can contribute to further
increase in liquidity potential

Source: Bloomberg, March 2012.

9

London - the home of global and ambitious mining

companies

USD 450 billion sector - The

London Stock Exchange
lists many mining giants
as well as smaller
companies in preproduction stage.

Antofagasta 1888*

Aquarius
Platinum 1999

Anglo American
1999

Xstrata
2002

Vedanta
2003

Yamana Gold ENRC - 2007

2007

Kazakhgold
2005

NWR
2008

Glencore, 2011

African
Fresnillo Barrick Gold
*First listing in 1888;
2008
2010
second listing in 1982.
10

Mining fundraisings on the London Stock Exchange

recent trends

2011

2000 - 2011

$12.7 billion total money raised

- $10.8 billion in new issues
- $1.9 billion in further issues

$69.7 billion total money raised

- $27.6 billion in new issues
- $42.1 billion in further issues

More than 1/3 of global mining

fundraisings raised on the London
Stock Exchange
Source: London Stock Exchange Sta3s3cs, World Federa3on of Exchanges, Bloomberg
11

Strength in listing mining companies

LSE

NYSE
ENXT
(US)

NYSE
ENXT
(EU)

HKSE

TSX

5
(4)

36
(1)

56
(3)

Total money raised in mining IPOs

ASX

6
5
4

7
(7)

1
(0)

Money raised (USD)

10.7b
n

200m

666m

260m

338m

Last 12 months
average weighted
performance*

-2.4%

n/a

n/a

-3.08
%

-0.25
%

-0.28
%

Average fees paid in

the last 12 months

1.75%

3.00%

8.10%

5.22%

n/a

Main Market - Premium

AIM

Money raised: USD 9.75bn

UK largest ever IPO of a Swiss
based mining conglomerate
May 2011

Main Market
Money raised: USD 913m
African focused gold producery
March 2010

USD bn

No. of IPOs in the

last 12 months (of
which international)

7.00%

USD 10.7bn

3
2
1
0
2006

2007
LSE

NYSE

2008
HKSE

2009
TSX

2010

NASDAQ

2011

Euronext

Money raised: USD 20m

Gold exploration and
development company

AIM
Money raised: USD 16m
Gold exploration and
development company

Main Market Premium

Money raised: USD 780m
A leading Russian gold and silver
producer.

June 2011

June 2011

November 2011

AIM
Money raised: USD 98m
Iron ore company with operations
based in the Republic of Congo

AIM
Money raised: USD 60m
Mining company with operations
in the Philippines

AIM
Money raised: USD 52m
A coal exploration and
development company

November 2010

December 2010

June 2010

*of companies completing their IPO over last 12 months. Source: Dealogic, April 2012

12

Strength in listing mining companies

LSE

NYSE
ENXT
(US)

HKSE

TSX

NYSE
ENXT
(EU)

ASX

182

47

30

1,386

10

663

Mkt cap (USD)

450bn

626bn

142bn

246bn

185bn

431bn

Price to Book
ratio

3.11

2.30

2.56

9.64

3.04

2.71

Average Daily
trading
volume
(shares)

1.95m

3.26m

n/a

0.14m

0.02m

0.77m

Trading
velocity

0.34%

2.01%

0.52%

0.20%

n.a

0.42%

No. of
companies

LSE offers a diverse investors base for mining companies

Source: LSEG data, Bloomberg and Factset, April 2012

13

London Stock Exchange offers a diverse range of markets

EU
Regulated
markets

Securities admitted to
official list

Securities not admitted

to official list

(maintained by UKLA)

(maintained by UKLA)

Main Market

Specialist Fund
Market
From Small to Large:
The choice of market will depend on
a number of factors including:

Exchange
Regulated
markets

Professional
Securities
Market

Stage in a companys development

AIM

Complexity of the offer and

securities issued
Target investors
Companys size
Company's strategy and objectives

14

The costs of listing in London are the lowest amongst

major exchanges

Listing in London continues to be the most cost effective option

Global costs of listing, a comparison*

Cost of listing in London is
further reduced by:
Regulation which is widely
tested and balanced
Timing of the admission
process is clearly communicated
Regulator which provides
consistent and predictable
comments
Direct communication with the
regulator and the Exchange
Highly competitive legal
services which have deep
experience in listing process
All disclosures in English

*Based on gross underwriting fees, (excluding AIM)

Source: Dealogic, February 2012.

15

Listing in London enables eligible companies to enter the

FTSE UK series

FTSE UK series is one of the worlds most widely tracked family of indices
FTSE UK Series is the only flagship index series of any major exchange to admit international companies
Premium listing on the London Stock Exchange enables issuers to get access to tracker funds
According to a recent survey(1) FTSE UK series inclusion brings on average 20% additional investment

Passivepool
and available
active funds
in London
Investment
to UK
companies

FTSE UK Index Series

FTSE All share Index

FTSE All
Sector Index

FTSE All-small Index

FTSE Small
Cap Index

FTSE 100
FTSE 350
FTSE 250

(1)Source:

Investment Management Association: Asset Management in the UK 2009-2010

16

A premium listing on the London Stock Exchange enables

eligible companies to enter the FTSE UK series of indices
FTSE UK Index Series decision tree
Premium listing on Main Market of
the London Stock Exchange
No

Yes

Incorporation?
UK

Not Eligible
Overseas
Incorporated in FTSE
developed country?

Eligible (if free float>25%)*

Yes

No
Yes

Free float >50% at admission?

No

Yes
Adherence to principles of UK Takeover code, UK
Corporate Governance Code and pre-emption rights
Yes
Potentially
eligible*

Not eligible

Incorporated in low taxation jurisdiction

as approved by FTSE?**
No
Not eligible

No

Not eligible

*Each company inclusion into FTSE UK Series is individually assessed by the FTSE practitioners committees. Eligibility is dependent on the company passing liquidity screening. The
calculation of the minimum free float will be based on the ordinary share capital issued by the company and may include shares that would otherwise be excluded solely because
they are subject to a lock-in clause of twelve months or less from their first day of trading, but that would in all other respects be considered part of a companys free float.
**Examples of low taxation countries include: BVI, Bermuda, Cayman Islands, Guernsey, Isle of Man, Jersey, Marshall Islands.
17

Main Market specific listing requirements for

mineral companies

PREMIUM

STANDARD*

Listing Rules (LR6)

Listing Rules

Mineral Companies (i.e. Mining, Oil & Gas) exempt

from 3 year track record requirement

All companies require a 3 year financial history or as

short a period as the company has been trading

Company is required to produce a Competent Persons

Report (CPR) describing nature and extent of the
companys rights of exploration, geographical
characteristics of reserves, estimates of volume,
expected extraction volume together with assumptions
on forecast revenues and operating costs. For
Hydrocarbon deposits, porosity and permeability
characteristics, net pay, pressure and recovery
mechanisms should be detailed in the CPR.

Company is required to produce a Competent Persons

Report (CPR) describing nature and extent of the
companys rights of exploration, geographical
characteristics of reserves, estimates of volume,
expected extraction volume together with
assumptions on forecast revenues and operating
costs. For Hydrocarbon deposits, porosity and
permeability characteristics, net pay, pressure and
recovery mechanisms should be detailed in the CPR.

Aggregate value of reserves (proven and probable) as

estimated in the CPR should not be less than 50% of
expected aggregate value of equity share capital at
listing

Aggregate value of reserves (proven and probable) as

estimated in the CPR should not be less than 50% of
expected aggregate value of equity share capital at
listing

Where company does not hold a controlling interest in

a majority (by value) of property, fields etc. it has
invested in, it must have a reasonable spread of direct
interests in mineral resources, and must have influence
in decisions over the timing and method of extraction
of those resources.

Where company does not hold a controlling interest in

a majority (by value) of property, fields etc. it has
invested in, it must have a reasonable spread of
direct interests in mineral resources, and must have
influence in decisions over the timing and method of
extraction of those resources.
*Applies to listings of equity and DRs on the Standard segment
18

Case Study:
Company Details

Transaction Details

Company

Fresnillo Plc

Market

Main Market
Primary listing

Sector

Mining
Platinum and
precious metals

Trading System

SETS

Ticker

FRES.L

Admission date

14 May 2008

Country of
incorporation

UK

Company profile:
The Fresnillo Group is the worlds largest
primary silver producer and Mexicos second
largest gold producer
The Group has five operating mines, two
development projects and 5 advanced
exploration prospects in Mexico
The Group has mining concessions covering a
total of approximately 1.3 million hectares in
Mexico.
The Groups goal is to produce 65 million
ounces of silver and 400,000 of gold by 2018,
through extensive investment in technology to
enhance productivity and maintain low costs.

Money raised at
admission

1.7 billion

Market cap at
admission

3.98 billion

Financial Adviser

JP Morgan
Cazenove

Sponsor

JP Morgan
Cazenove

Issue price

5.55 per share

Listing Story:
The listing raised a total of 983 million,
the majority of which was new money.
In addition, the company joined the FTSE
100 in September 2008, where it remains
today.
In terms of ownership structure, 22.7% of
the companies shares were floated.
Currently, 95.5% of these shares are held by
the 20 top investors
Fresnillos performance in the market place
has been superior to the FTSE 100 and FTSE
350 for Mining indices.
As of end of January 2012 Fresnillos share
price was 17.75 and its market value 10.8
billion.

Source: Factset

Top 10 Institutional Investors January 2012

Investor Name

Value held in
USD millions

Blackrock Investment Management

1,358

First Eagle Investment Management

358.7

Legal and General Investment Management

174.3

T. Rowe Price Associates

149.2

Norges Bank Investmnet Management

62.3

AGF Investments Inc

56.9

Investec Asset Management Ltd.

49.4

GAMCO Investors

46.5

AGF International Advisors Co Ltd.

38.7

Investec Asset management Pty Ltd.

38.4
Source: Factset
19

Case Study:
Company Details

Transaction Details

Company

African Barrick
Gold

Admission Date

19 Mar 2010

Market

Main MarketPremium Listed

Money raised at
admission

$890 m

Sector

Mining

Market cap at
admission

$3.56 bn

Ticker

ABG-LON

Index Inclusion

FTSE 250

Sponsor and joint

bookrunner

JP Morgan
Cazenove

Country of
incorporation

UK

Joint bookrunner

Morgan Stanley

Issue price per

share

$8.61 /5.75

Company profile:
ABG is the sub-IPO of Barrick Golds African
gold assets, which include four producing mines
and several principal exploration projects in
Tanzania
ABGs target is to increase existing production
to one million ounces per year by 2014
The companies current priorities are to bring
the Upper East zone of their Tanzanian holdings
into production and to continue training staff
focusing on specialised skills.
ABG is headquartered in London and has
regional offices in Johannesburg and Dar es
Salaam

Listing Story:
ABG joined the Main Market in May 2010
becoming the 5th largest IPO in our
markets for 2010.
Gross proceeds of the offer were intended
to be used for the repayment of loans
outstanding to the Barrick Gold
Corporation and to fund its growth
strategy through exploration, acquisitions
and development of late stage projects.

Source: Factset

Top 10 Institutional Investors January 2012

Investor Name

Value held in
USD millions

Legal and General Investment Management

49.48

Franklin Advisers

45.86

Invesco Trimark Investments

38.66

JP Morgan Asset Management

37.29

Van Eck Global

29.91

FIL Investments International

27.82

Wells Capital Management

18.13

Morgan Stanley Investment Management

17.22

BP Investment Management

11.72

The Boston Company Asset Management LLC

11.05
Source: Factset
20

Floating on AIM

The market of choice for smaller companies seeking access to international capital
markets to maximise their growth potential

An internationally focussed, professional investor base with a deep understanding of SMEs

Wide range of investors interested in SMEs including institutional and retail
Ability to raise capital at admission and through further fundraisings

A regulatory framework that provides local and international investors with confidence,
while being accessible to companies

Disclosure and reporting obligations tailored to growing companies

Diversity of sectors, international and regional coverage

Peer group comparison

Increased
profile

Increased awareness and marketability of stock

Increased visibility with customers, suppliers, investors and other key stakeholder

Small-mid cap
network and
aftermarket
support

Access to UK small-mid cap network and expertise to help companies join AIM and support
them once they are trading on the market

Critical mass of advisers, analysts and investors with detailed sector expertise

Access to
capital

Balanced
approach to
regulation
Geographical
reach and wide
sector
coverage

21

Raising money on the worlds leading growth market

519

Admissions to AIM
International

AIM supports both UK and

international companies seeking
capital for growth

462

UK

355
284

277

123

145

177
107

75

160

162

102

114

102

90

36

19

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD
15.7

16.2

Money raised
Further bn

New bn

8.9

and enables them to raise capital

throughout their life on market

6.8
4.7

3.1
0.1

0.8

0.7

0.6

0.9

1.1

2.1
1.0

5.5
4.3

4.3
1.3

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD

Source: London Stock Exchange trade statistics May 2012.

Statistics are based on total number of companies admitted to AIM each year by incorporation
22
22

AIM Note for Mining, Oil & Gas Companies

Guidance note sets out specific requirements, rule interpretations and guidance relating to resource companies.
It applies to resource companies, such as exploration, development and production companies but does not apply to
companies which purely invest in or provide consultancy, advice or other such services to resource companies

Admission Requirements:
Inclusion of Competent Persons
Report (CPR)

Should be prepared by a Competent Person and detail all material assets and liabilities
of the company and be reproduced in full in the admission document

Due diligence by Nomad and

site visits

Nomad to conduct full due diligence on applicant and assets prior to admission.
Where assets exist outside the UK, legal advisor to produce formal opinion letter on the
assets
Nomad expected to undertake site visits and conduct a physical examination of all
physical assets as part of suitability assessment. Nomad to have specific internal
expertise on the sector

Lock in period

Exploration and development companies who have not been independent and revenue
earning for at least two years must ensure all related parties and applicable employees
are subject to a one year lock-in

Payments

The admission document should disclose any payments aggregating over 10,000 made
to any government or regulatory authority or similar body made by or on behalf of the
applicant, with regard to the acquisition or maintenance of its assets

Dual listed resource companies

Where a company is also admitted to trading on another exchange the AIM Rules for
Companies need to be complied with irrespective of the regulatory requirements of the
other exchange

Ongoing obligations:
Resource updates

In each resource update the standards used in reporting should be stated. Exploration
drilling updates for Oil & Gas companies should detail depth of zone tested, rock
formations encountered, and information on any liquids / gases recovered

23
23

AIM companies by market capitalisation

246

Number of
companies

117

Median market cap = 16.2m

204
143

156
119
91
28

0-2m

2-5m

5-10m 10-25m 25-50m

50100m

100250m

250500m

14

500Over
1,000m 1,000m

Market value range

Source: London Stock Exchange trade statistics January 2012

NB: excludes 11 currently unvalued companies and 8 suspended companies
24
24

Case Study: Central Asia Metals plc

TIDM: CAML

Admission date: 30 Sep 2010

Indices: FTSE AIM All-Share, FTSE AIM AllShare - Basic Resources

NOMAD: Canaccord Genuity Limited

Website: www.centralasiametals.com

Country of incorporation (UK region): UK (London)

FTSE Sector/Subsector: Mining/General

Mining

Country of main business: Kazakhstan, Mongolia

Directors: Nick Clarke, CEO; Nigel

Robinson, CFO

Number of employees: 147 (FY2010)

Company story:

Central Asia Metals Plc is a precious and base metals

mining, exploration and development company with
majority stakes in copper, gold and molybdenum projects
throughout Central Asia. Central Asia Metals Plc's highly
experienced management and operations team has a
proven record in Central Asia, and is working towards
developing its diversified base and precious metals
portfolio by identifying further value-adding opportunities
and projects throughout Kazakhstan, Mongolia and the
rest of Central Asia.

Central Asia Metals Plc joined AIM in 2010 raising an initial $59.3m and had a market capitalisation of
$132.7m. CAML has since raised over $10m in further issues and is now a top 10 company by market
capitalisation on AIM in its subsector.

CAML Share Price Sep 2010 Mar 2012

Financial performance

2010

2009

2008

Revenue ($m)

1.4

1.1

2.7

Revenue growth (%)

27%

-59%

n/a

Net profit ($m)

-5.8

-15

-13.7

Profit growth (%)

61%

-9%

n/a

Market capitalisation at
admission

$132.7m

Market capitalisation as at 31
March 2012

$147.6m (111% growth)

Money raised at admission

$59.3m

Total money raised through

further issues

$13.8m

Source: London Stock Exchange trade statistics April 2012

25
25

Conclusions

The London Stock Exchange is the most international exchange in the world,
with close to 600 international companies from over 70 countries, listed and
traded on its markets.
We provide cost-efficient access to the worlds largest pool of international
equity assets. Over USD 1.9 trillion of equities are managed out of London, with
close to USD 1.2 trillion invested in international equity assets, more than any
other major financial centre.(1)
The London Stock Exchange offers a wide choice of routes to market. The
choice of markets is open equally to UK and international companies, and
differentiated trading platforms offer tailored solutions to maximise liquidity
and investor participation.
With close to 3,000 companies quotedon its markets and over 500 member
firms,the London Stock Exchange Group operates one of the most liquid equity
marketplaces globally.

(1)Source:

IPREO. Please refer to the end of the presentation for legal disclaimer

26

Contact details

Lucy Tarleton
+44 (0) 20 7797 4672
ltarleton@londonstockexchange.com
Website: www.londonstockexchange.com

27

Disclaimer
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Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances.
The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the
sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of
it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever.
London Stock Exchange and the London Stock Exchange coat of arms device are registered trade marks of London Stock Exchange plc. Other
logos, organisations and company names referred to may be the trade marks of their respective owners.
June 2012
London Stock Exchange plc
10 Paternoster Square
London EC4M 7LS
Telephone +44 (0)20 7797 1000
www.londonstockexchange.com
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