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Capricorn Copper owner 29Metals has lodged a prospectus for a $527.8 million initial public offering, as it reveals plans to boost production across its copper assets by more than 50 per cent over five years.

The company lists copper-focused assets including the producing Golden Grove mine in Western Australia, the producing Capricorn Copper mine in North-West Queensland, and a substantial exploration portfolio, including regional tenement packages at Capricorn Copper and Redhill in Chile.

In the prospectus documents, chair Owen Hegarty said 29Metals’ vision was to be a leading ASX-listed copper producer, developer and explorer – offering investors exposure to attractive copper market dynamics.

“We are at the dawn of a new era for copper demand and, through its use in a wide range of applications, we believe copper is well-placed to capitalise on global growth, urbanisation and continued expansion in consumer demand,” he states.

“Copper will also play a pivotal role in electrification and decarbonisation, and the global shift to a greener economy.

“Our objective is to increase production (in copper equivalent terms) by more than 50 per cent over five years through our pipeline of organic growth opportunities, which should also drive down our unit operating costs.”

More than $400 million has been invested in the 29Metals assets since acquisition by EMR Capital, including process plant expansions and optimisations at Golden Grove and refurbishment of the Capricorn Copper plant.

The company describes Golden Grove and Capricorn Copper mines as possessing multiple orebodies that are open at depth, presenting material resource extension and mine life potential.

The offer, at $2 per share, is expected to raise about $527.8 million. The retail offer opening date is June 15 and the company is set to list on the ASX by the end of the month.