London scores its first mining IPO of the 12 months as Halo Minerals declares plans to checklist on Aim

London has landed its first mining IPO this year, as demand soars for copper.

Halo Minerals has issued a formal announcement to join the Aim index and plans a conditional placing to raise £4million. It is targeting a market cap of around £20million. 

Halo Minerals, which specialises in the production of battery metals including copper, is looking to capitalise on a boom in demand this year. 

While gold and silver have rocketed, copper has also seen prices jump as it is is crucial for electrification. 

The growth of AI and the shift to renewable energy, both of which rely on copper for parts, have seen miners increasingly focus on production of the red metal.

Glencore, which walked away from a mega merger with Rio Tinto earlier this year, said higher copper prices had helped to offset a slump in coal prices. Meanwhile, BHP and Antofagasta both reported stronger-than-expected results as copper demand soared.

Halo Minerals will list on the Aim market later this month amid rising demand for copper

The placing, which is subject to approval, will allow Halo to issue new shares to institutional investors, providing fresh capital ahead of the proposed float later this month.

It provides a boost to the London Stock Exchange, which has been suffering from a dearth of flotations. 

While 2026 was tipped to be a bumper year for listings, market turmoil and the Middle East conflict have pushed some bigger names to delay their IPOs.

Halo plans to use the new capital towards the development of its Playa Verde project in Chile and for broader capital purposes. 

It is also looking to secure maritime access rights over certain areas within the project, which it bought last March. It says it could ‘significantly increase the current mineral resource base if confirmed by further exploration’.

It expects to process copper tailings – the byproduct left after extracting copper from ore – in a purpose-built facility. 

It also plans to produce copper cathodes and a copper cathode, which is expected to have 5.5 grams per tonne of gold. Production is expected in 2028.

Chief executive Andrew Dennan said: ‘We are delighted to announce our intention to seek admission of Halo on AIM. The board believes that being publicly traded will enhance our visibility, broaden our shareholder base and provide a platform from which to pursue our long-term growth strategy.’

Halo changed its name from Guardian Metals earlier this year, having proposed a name change amid preparations for the IPO.