SOUTH African coal explorer Universal Coal is embarking on a $A25 million initial public offering...
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Funds from the IPO will be used to get its 3 million tonne per annum Kangala thermal coal deposit in South Africa into production.
The company has two other nearby low-cost coal projects and is eyeing production of 6Mtpa within three years.
Stonebridge Group will act as lead broker to the IPO and the company is expected to have an $80 million market capitalisation when it lists.
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