Johannesburg - African Eagle Resources can increase its investor base in South Africa five-fold by "most likely" raising R100 million before taking up a possible secondary listing on the JSE next month.
This would make the firm the second mining company to list on the exchange with all of its African mining assets outside the country.
It has gold and copper mining exploration interests in Zambia and Tanzania as well as in Mozambique.
The first company to list on the JSE without any interests in South Africa was Teal Exploration, which has projects in Zambia, Namibia and the Democratic Republic of Congo. Teal took up a secondary listing on the JSE in April last year.
Mark Parker, African Eagle Resources chief executive, said yesterday the JSE was one of the top contenders for the firm's secondary listing.
"We have received a very positive response from local institutions. We are certainly impressed by the response," said Parker.
The company estimates that about 6 percent of its shares are held by South African investors.
"We would be happy to have South African investors hold as much as 70 percent of the company."
The money that would be raised before to the possible listing would "substantially" be used to fund the company's projects in Zambia, Tanzania and Mozambique.
Parker said African Eagle Resources would like to list on the JSE, as investors on the bourse understood Africa.
Another exchange that African Eagle Resources is considering as its second option is the Toronto stock exchange.
The firm is already listed on London's Alternative Investment Market, where it is one of about 350 resources companies.
The decision about where to take up its secondary listing was likely to be made by Monday, said Parker.
The firm is aiming to complete a feasibility study at its Mkushi copper project in Zambia by October next year.
It estimates that more than 350 000 tons of copper are still available to be mined.