Miners have found it easier to raise funds through secondary issues in the third quarter of 2009 compared with the same period in 2008, according to Ernst & Young’s Mining Eye Q3 2009 report.

Fundraising in Q3 2009 was $389.8m compared with $213m in the same quarter last year – an increase of 83%.

In the second quarter of 2009, funds raised totalled $275.4m.

In Q3 2009 funds raised from new and secondary issues in the broader AiM sector totalled $2.49bn compared with $1.33bn in the corresponding period last year.

AIM’s junior explorers, however, are still struggling to raise funds, which indicates that capital markets are still out of their reach.

In terms of proceeds garnered in the initial nine months of the year, follow-on issuance touched record levels on an international scale, which shows that investors are keen to make investments in listed companies with positive track records.

African Minerals, GreyStar Resources, Kirkland Lake Gold, Kalahari Minerals and Platinun Australia, which had the biggest follow-on issues, contributed nearly two-thirds of total funds raised.

African Minerals raised $106.4m followed by Greystar with $61.5m, Kirkland with $34.9m, Kalahari with $33.3m and Platinum Australia with $20m.