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Saturday, 13 March 10
OPTIMUM COAL AIMS TO RAISE R1,6 BILLION IN LISTING
 All Africa reported that, COAL mining and exploration company Optimum Coal yesterday announced plans to list on the JSE at the end of the month. It expects to raise about R1,6bn in the initial public offering (IPO).
Optimum Coal is the sixth-largest producer and the fourth-largest exporter of thermal coal in SA - after Anglo American, BHP Billiton and Xstrata - with operations in Witbank, Mpumalanga.
The black economic empowerment company's prominent board members include nonexecutive chairman Sivi Gounden, a former director-general at the Department of Public Enterprises, and businessman and former Eskom chairman Bobby Godsell.
The listing comes as analysts have forecast IPO activity in the global mining sector will gather pace this year as companies seek alternative ways of funding after the devastating credit crunch a year ago.
Optimum said it expected to raise R1,6bn through a subscription for new shares and an offer for sale by certain shareholders.
The offer consists of the sale of up to 42,75-million fully paid ordinary shares priced between R34 and R37, made up of an offer for subscription of 24-million shares and an offer for sale by the selling shareholders of up to 18,75- million ordinary shares. The price of the shares will be announced on March 24.
The company said it would be meeting with invited individuals and institutions in SA and abroad over the next two weeks, ahead of the listing.
CEO Mike Teke said the listing came at a time of robust demand for coal. "Optimum has strategically located operations with good access to rail infrastructure, rapid loading and export facilities, and a large export entitlement at Richards Bay Coal Terminal.
"We are cash generative and have a strong balance sheet, which provides a sound platform for growth. We believe the time is right for Optimum to list as there are few pure coal plays on the JSE. We can now begin accelerating towards our vision to become the benchmark South African-owned and controlled coal mining and exploration group."
Last month Ernst & Young said the credit squeeze in 2008 fundamentally changed the way the industry will be financed in future. Equity was expected to play a greater role in the next wave of growth, with the IPO market starting to recover this year.
"Following the decline of the project finance model, we could see a return to individual mines being floated, with proceeds used for development and investors sharing in the profits when the mine goes into production.
"A recovery in IPOs has begun, but will require a sustainable period of stability in global stock markets and metals prices to return to former levels."
Source: All Africa - By:Bheki Mpofu
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Thursday, 28 January 10
COAL - VIETNAM / TRADE
Vietnam expects to turn into a coal importer within three years, spurred by an industrial boom and rising power consumption, a senior executive with ...
Thursday, 28 January 10
JAPAN STEELMAKERS OPPOSE QUARTERLY COAL CONTRACTS
Japanese steelmakers oppose miner BHP Billiton's attempt to switch to quarterly contracts from annual deals for supplying coal, as the change would ...
Thursday, 28 January 10
BHP MAY SELL 25% STAKE IN INDONESIAN COAL PROJECT
BHP Billiton Ltd. plans to sell only a 25 percent stake in a coal project in Indonesia as it wants to retain control of the asset, said Indra Dianna ...
Thursday, 28 January 10
TRANSNET ASPIRES TO 81MT/Y COAL EXPORT CAPACITY
South African State-owned rail transport enterprise Transnet wants to increase coal-line rail capacity to 81-million tons a year as part of its Quan ...
Wednesday, 27 January 10
ASIA'S 2010 STEAM COAL IMPORTS TO REACH 460 MLN T
* China to import up to 100 mln T of steam coal in 2010
* China, India seen investing in southern Africa assets
Asian imports of steam coal will ...
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- Australian Commodity Traders Exchange
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- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Edison Trading Spa - Italy
- Parliament of New Zealand
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- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
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- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
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- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
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- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
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- Bhushan Steel Limited - India
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- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
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- Goldman Sachs - Singapore
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- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
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- Kideco Jaya Agung - Indonesia
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- Merrill Lynch Commodities Europe
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- The State Trading Corporation of India Ltd
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- TeaM Sual Corporation - Philippines
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- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
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- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
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- Economic Council, Georgia
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- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
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- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
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- Aboitiz Power Corporation - Philippines
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- Malabar Cements Ltd - India
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- Minerals Council of Australia
- MS Steel International - UAE
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