Luxembourg-based Rare Earth Company Hoping to Mine in South Africa by 2014 Does Oversubscribed IPO in Toronto (FRO.tsx)

Alrighty then.
Here's Bloomberg:

Frontier Rare Earths Ltd. raised C$60 million ($59.8 million) in an initial public offering, 50 percent more than planned, to develop a South African deposit of rare metals used in computers and car batteries, said two people familiar with the sale.

The Luxembourg-based company sold 17.65 million units consisting of one share and half a warrant for C$3.40 each in the Canadian offering, according to the people, who asked not to be identified because the plans aren’t public. Frontier sold a 19.8 percent stake, based on 89.08 million shares outstanding, valuing the company at C$302.9 million.

Frontier is developing the Zandkopsdrift deposit in South Africa’s Northern Cape Province, the company said in a Sept. 30 filing with Canadian regulators. Frontier aims to become one of the leading producers of rare-earth metals outside of China and one of the first new producers of the elements after Lynas Corp. and Molycorp Inc.
 
The rare earths, a group of 17 metals including neodymium, lanthanum, cerium and europium, have industrial uses such as petroleum refining, fiber-optic transmission, and military radar and missile-guidance systems. China dominates the market because it’s been able to produce the elements more cheaply and with fewer environmental restrictions than its competitors.

Frontier, which initially sought to raise C$40 million, will trade on the Toronto Stock Exchange under the symbol FRO starting Nov. 17. CIBC World Markets led a group of banks including Canaccord Genuity, Cormark Securities Inc., Byron Securities Ltd. and National Bank Financial for the sale, and they have the option to sell another 15 percent of the offering....MORE

I hope that headline didn't sound too snarky, our September 9 post, "Rare Earth Metals: "Chinese Institutional Investors Look At Rare Metals Overseas" (AVL.TO: LYC.AX; MCP; UCU.V)" ended:

...America’s needs for light rare earths will be oversupplied by Molycorp as will Australia’s by Lynas in a massive way. For the heavy rare earths, America’s needs can be meet and exceeded  by Ucore Rare Metals and Rare Element Resources. The needs of China, Japan, Korea and India for heavy rare earths can be met by the Canadian and African operations of Great Western Minerals Group, the Canadian operations of Avalon Rare Metals or Quest Rare Minerals, and the southern African operations of Frontier Rare Earths and Tantalus Rare Earths....MORE

See also:

Rare Earth Metals: Stocks and a new ETF (AVL.TO; NEM.TO; QRM.X)

Here are some of our other rare earths posts.