Optimum lists in Johannesburg

OPTIMUM Coal Holdings, operator of the formerly BHP Billiton-owned Optimum open cut and underground mining complex in South Africa, listed on the JSE on Monday raising about R1.5 billion ($A220.73 million) according to various reports.
Optimum lists in Johannesburg Optimum lists in Johannesburg Optimum lists in Johannesburg Optimum lists in Johannesburg Optimum lists in Johannesburg

Optimum coal mine in South Africa

Blair Price

The float gives OCH a market cap to the tune of $1.17 billion with 248.5 million ordinary shares in issue, and the first trade was made at R31.85 ($A4.69).

“Our listing brings a thermal coal pure-play to market while strengthening our development abilities and further enabling us to pursue our growth strategy,” OCH chief executive Mike Teke said.

“Our vision is to become the benchmark South African-owned and controlled coal mining and exploration group.”

OCH said the company is more than 60%-owned by a Black Economic Empowerment consortium and will remain over 50%-owned at least until May 2014.

BHP sold the thermal coal operation to OCH back in 2007, together with 6.5 million tonnes per annum of Richards Bay Coal Terminal entitlement.

The Optimum operation sold 9.3Mt in 2009 including 4Mt to export markets.

OCH also has a 19.2% stake in the Koornfontein mines which sold 4.1Mt last year with 1.9Mt exported.

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