Whitehaven goes public

NEW South Wales miner Whitehaven Coal says its $A1.9 million initial public offering and subsequent Australian Stock Exchange listing will help facilitate acquisitions and allow financial security for future mine developments.

Staff Reporter

Whitehaven operates two opencut mines, Canyon (formerly Whitehaven) and Tarrawonga, and has a 40% interest in the Werris Creek mine.

The company is actively seeking to develop several other small mines, including the proposed Narrabri North longwall mine and the Belmont and Sunnyside opencut proposals.

Whitehaven expects to sell 1.6 million tonnes of coal from its three operating mines this financial year, but as its proposed projects come online it forecasts a production rate of 11Mtpa by 2011.

Based on its $1 per share offering price, Whitehaven would have a market value of $323 million at listing.

ASX listing is expected on Friday, May 25.

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