Suffering Australian miners turn to pot
A downturn in the resources industry has prompted a growing number of struggling Australian miners to switch their focus to the booming medicinal marijuana market in a bid to stimulate investor interest.
At least three resources companies are aiming to raise money on the Australian Securities Exchange in the coming weeks, swapping mechanical diggers for hemp growhouses.
The moves follow the flotation of Phytotech Medical, a Perth-based company which raised A$4m in January to become Australia’s first listed marijuana stock.
“The resources sector generally, but in particular at the micro-cap end, is finding it difficult to find support from the capital markets,” said Peter Tasker, director of International Goldfields.
“Therefore boards need to assess assets, projects and investments capable of garnering support of the capital markets, which is exactly what we did,” he said.
International Goldfields, a gold explorer, has outlined plans to buy an 85 per cent stake in...
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