Tiger coal spinoff from the Oxiana crew

PRIVATELY owned Tiger Realms Minerals, which is chaired by former Oxiana managing director Owen Hegarty, reportedly plans to list its coal arm that contains exploration assets in Russia and Indonesia during the September quarter.
Tiger coal spinoff from the Oxiana crew Tiger coal spinoff from the Oxiana crew Tiger coal spinoff from the Oxiana crew Tiger coal spinoff from the Oxiana crew Tiger coal spinoff from the Oxiana crew

Vince Gauci

Blair Price

The initial public offering of Tiger Realms Coal could raise up to $250 million according to the Sydney Morning Herald.

The coal float will reportedly be the first of a series of commodity-specific spinoffs of TRM, which has entered into joint venture agreements for the Jalai gold and Buetong copper-gold projects in Indonesia over the past few months.

TRC is funding exploration and other costs to earn up to 80% of the Amaam coking coal project in Russia which hosts 177 million tonnes of JORC-compliant inferred resources.

Further exploration of the open cut project is targeting another 240-380Mt of resources, while work for preliminary mining, infrastructure and environmental studies is underway.

TRC expects the Ammam coal to exhibit “excellent coking qualities with a high crucible swelling number, high vitrinite content and strong fluidity”

The private company is also poised to earn 60-70% stakes in coal deposits within the Landazuri project in Colombia, which has a total inferred resource of 21Mt and an additional exploration target of 280-470Mt.

Testwork to date indicates that this coal ranges from low ash, medium volatile semi-soft coking coal through to hard coking coal.

As part of its March quarterly report released in the last fortnight, TRM hinted that there were other coal investment opportunities in Russia and Indonesia.

“In Russia a number of large coking coal opportunities were identified and reviews of these will be conducted in the coming quarter,” TRM said.

“A review of an operating coal mine was completed, however, the project did not meet our investment criteria.

“In Indonesia several new coking and thermal coal opportunities were identified and commercial negotiations on a number of these opportunities were initiated.

“Work programs continue to focus on the acquisition of three projects confirmed as hosting targets with clear potential to meet our investment criteria.”

TRM’s directors and management feature several key personnel from the days of Oxiana before it became OZ Minerals, including TRM’s managing director Tony Manini and chief geologist Paul Cromie.