MARKETS

Glencore Coal renamed ahead of float

GLENCORE International AG has changed the name of its Australian business to Enex Resources Ltd in preparation for a share placement that could raise upwards of $2.3 billion. (Reported July 20 on <a href=

Staff Reporter

It is believed Enex is currently preparing its float and a prospectus will hit the market in the first half of August.

Analysts working on the Glencore IPO include ABN Amro, Rothschild, Salomon Smith Barney and JP Morgan.

Formally Glencore Coal Holdings, the company has an interest in 11 operating coalmines and was Australia's second largest thermal coal producer in 2000, producing 12% of the nation's exported coal.

It is believed Glencore International plans to sell 60-70% of Enex, maintaining a majority interest in the coalminer.

Analysts have suggested Glencore will have little difficulty raising the funds given the current sentiment in Australia for energy stocks, with Macarthur Coal recently listing at a 39% premium.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.