Cobbetts has been ranked as the leading adviser to basic materials companies on AIM for the sixth consecutive quarter, according to figures from Hemscott, the independent international provider of financial data.

Cobbetts, which shared the top spot in the previous quarter, reasserted its authority in basic materials for the three months to 6 April 2010, gaining two new AIM-quoted clients and leaving the firm four clients ahead of Fasken Martineau, its nearest rival in the rankings.

Head of public markets at Cobbetts, Andrew Wright, said: “Our talented team has worked tirelessly in promoting the market to ambitious mining and minerals companies in key overseas economies, and continues to deliver a market-leading service that considers the complex legislative and regulatory challenges associated with joining and raising funds on AIM. We are delighted that the Hemscott rankings reaffirm our position as the leading adviser to basic materials companies on the market.”

In the first quarter of 2010, Cobbetts acted on two basic material admissions to AIM, advising Shore Capital and Mirabaud Securities, nominated adviser and broker respectively to the crude palm oil producer Equatorial Palm Oil, on the company’s admission and £6.5m fundraising; and diamond exploration and production company, Stellar Diamonds, on its reverse takeover of West African Diamonds plc, £5m fundraising and readmission to AIM as Stellar Diamonds plc.

In the same period, the firm also advised on three secondary issues for basic materials companies: acting for emerging diamond producer, Diamondcorp plc, on its £7.1m fundraising; advising gold exploration and development company, Ariana Resources plc, on a £1m fundraising; and acting for gold mining business, Peninsular Gold plc, on placings raising £5m.

Wright concluded: “After a tumultuous couple of years on the market – which saw new admissions drop considerably – AIM is now being reconsidered by basic materials companies as a viable source of liquidity. As demand for base and precious metals grows, and global economic conditions continue to improve, we foresee this trend continuing throughout 2010 and beyond.”

The news of Cobbetts’ Hemscott ranking comes just weeks after the firm announced its entry into the Middle East and North Africa (MENA), in response to strong demand for its services from the locality. The launch of Cobbetts International Cairo followed Cobbetts LLP’s corporate team winning a significant mandate in the MENA region.