The new company will be separately listed on the SGX-ST Catalist in an initial public offering planned for early next year.

Altura holds a 33.3% stake in the operating Delta coal mine and a 70% stake in the Tabalong coal project, both in Indonesia.

The company and its partners plan to inject 100% of Delta and at least 70% of Tabalong into the new entity.

Delta produced 280,192 tonnes of coal in the September quarter, of which 93,397t was Altura’s share.

Altura’s stake in the new company will depend on the valuation of the assets and the amount of capital raised.

The company expects to be a controlling shareholder and hold two of the five board seats, including the chairman’s role.

“Altura believes the consolidation of its coal assets into a separate coal-focused entity based in Singapore will allow for the recognition of Altura’s investment in these Indonesian coal assets, provide a platform to build on the existing Delta coal business and give management the financial resources required for the development and further exploration of the Tabalong coal project,” Altura said.

The junior also has the Catanduanes coal project in the eastern Philippines, although that has stalled due to land access issues.

Altura’s other main asset is a 30% stake in the Atlas Iron-operated Mt Webber mine in the Pilbara.

Mt Webber, which was officially opened in July, produced 529,703t iron ore in the September quarter, with 158,911t attributable to Altura.

Altura also holds the Pilgangoora lithium project in Western Australia and precious and base metals exploration permits across WA and the Northern Territory.