Withstanding difficult coal market conditions and low interest from industry peers, Australian coal miner Queensland Coal Corporation will enter into an initial public offering early next year.
Citing industry sources, the Australian Financial Review reported on Wednesday Queensland Coal Corporation will float its Wilton coking coal project for up to 500 million Australian dollars (US$519 million).
A dragline exposes coal at Macarthur Coal's Coppabella mine?s coal handling and preparation plant in Queensland in this undated photograph obtained April 9, 2010
Queensland Coal Corporation is the owner and developer of Queensland's most significant portfolio of green field coal assets in the Bowen, Galilee and Bowen-Surat basins. The miner is rapidly expanding with an extensive exploration and drilling programme about to commence followed by feasibility studies for several major new coal developments.
It is currently seeking partners to develop and operate four mines over the next five years.
Situated in Australia's Bowen Basin, the Wilton Coal project is known for high quality coking, PCI and thermal export coals output.
The AFR reported the company's portfolio of thermal and coking coal assets could yield a pipeline of IPOs and trade sales into the future.
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