Joseph Gutnick plans ASX homecoming

Font size: + -

Send this article: Print Email

JOSEPH Gutnick is about to make a big splash back into the Australian share market, listing an already well-financed phosphate play in Queensland on the ASX after years of focusing most of his activities to the US.

The legendary Australian mining promoter has seemingly reversed his staged withdrawal from the local market and is working on a plan to have his US-based Legend International Holdings listed here, The Australian reports.

After years of great successes (his companies' big gold finds at Bronzewing, Jundee and Plutonic) and crashes (the failure of Centaur Mining & Exploration over laterite nickel in March 2001) here, Mr Gutnick has been very low key in Australia in recent years, more noted for his exits than his entrances.

He has exited Johnson's Well Mining, Astro Diamond Mines and Great Gold Mines to concentrate on raising money in the US - where Legend was financed. At present, his only locally listed company is Quantum Resources.

Legend, which has a market capitalisation of $US586 million ($614 million), is traded over the counter in the US.

But Legend's management has reportedly concluded that Australian investors are simply not comfortable with the complexities of buying US over-the-counter stocks, hence the plan to have a secondary listing on the Australian Securities Exchange.

The company sees a local listing as logical, considering the operations will be based in Queensland.