Newly listed coal mining company Macarthur Coal debuted on the Australian Stock Exchange on July 5. The $1 shares traded up to $1.45 before closing at $1.39. The $39 million raised from the offer will be used to expand MacArthur's flagship Coppabella mine, as well as fund initial approvals and land acquisitions for its Moorvale project and further exploration in the Bowen Basin.
Global Coal tops 1 million tonnes
Online coal trader Global Coal announced that total trading activity since mid-May 2001 reached 1.39 million tonnes in 22 transactions. The coal had a market value of US$46.4 million and some deals have been concluded to December 2002. Some 20 participating market members have been trading coal online.
Last week the trader set a new record with 540 000 tonnes traded. Over 4 million tonnes of coal are currently on bid or offer on the Standard Coal System.