International Coal to list on ASX on Thursday after A$9m oversubscribed IPO

Jul. 26, 2011 1:04 AM ET
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International Coal (ASX: ICX) has been admitted to the ASX after a very successful IPO which was open for just four days as investors snaffled up the stock - due to the company's prospective Queensland coal tenements.

International Coal will hit the ASX boards at 12:00 noon EST on Thursday 28 July, with just over 59.2 million shares on issue.

The strong investor interest in the stock is due to the company's prospective hard coking coal Bundaberg Project tenements in the Maryborough Basin as well as interest in the South Blackall Project.

The Bundaberg Project already has a small JORC Resource of around 1.5 million tonnes, however the target is 380 million tonnes of coking coal at the project.

Highlighting the prospectivity of this growing hard coking coal precinct are International Coal's neighbours which include Northern Energy (ASX: NEC), Guildford Coal (ASX: GUF) and Ridge and Hancock Coal.

Recent significant drill programs have been successful in defining coal.

Adding longer term spice, International Coal also owns the South Blackall Project in the Eromanga Basin, a larger scale thermal coal target adjacent to East Energy’s (ASX: EEC) 1.2 billion tonne JORC Resource.  Recently, NSL Consolidated (ASX: NSL) announced it had acquired tenements - near to International Coal's South Blackall tenement in the Eromanga Basin - its share price rose over 50%.

A scout drilling program and a comprehensive 2D seismic program will kick off smartly after listing at the project.

International Coal's objective is to commence drilling in 2011 and prove up a larger JORC Resource in 2012 at Bundaberg Project.

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