Continental Coal (ASX: CCC) will list its ordinary shares on the London Stock Exchange’s AIM Market today under ticker code COOL, complementing the company’s existing listings on the ASX and US-OTCQX International exchanges.
The company expects to benefit from the expanded international profile and engagement with additional European funds and institutional investors as AIM is recognised as one of the world's leading resources focussed equities exchanges.
GMP Securities Europe LLP and Renaissance Capital Ltd are joint brokers to the company for the AIM listing, with RFC Corporate Finance Ltd acting as the company's nominated advisor.
Continental Coal currently has two South African thermal coal mines in production, producing 2.0Mt ROM on an annualised basis, with its third mine to commence production in 2012.
Don Turvey, Continental Coal’s CEO, said "an AIM listing provides the Company with opportunities to further diversify its shareholder base, particularly with funds and institutions in Europe, increase our international profile and opens a range of opportunities for the Continental Coal to establish additional strategic partnerships.”
In other news, Bruce Buthelezi, a founding director of the company has tendered his resignation from the Board to pursue other business interests following the company’s landmark transaction with SIOC-cdt, a highly successful Broad Based Black Economic Empowerment Group.
Continental Coal currently has two operating open cast coal mines, the Vlakvarkfontein and Ferreira Coal Mines, located in South Africa and producing 2Mtpa of thermal coal for the export and domestic markets.
The company commenced development of its third coal mine, the Penumbra Coal Mine on 7 September 2011 and has a further nine thermal coal projects that it is progressing towards development.
Continental Coal is targeting run of mine production of 7 million tonnes per annum from 2013.