PERTH (miningweekly.com) – Diversified junior Altura Mining this week announced that it would spin-out its coal assets into a new Singapore-based vehicle, which would be separately listed on the Catalist platform.
Altura currently owns one-third of the Delta coal mine, in East Kalimantan, as well as a 70% stake in the Tabalong coal mine, in South Kalimantan, which would likely start mining in 2015, and would produce an initial 500 000 t/y of thermal coal, ramping up to 1.5-million tonnes a year in the longer term.
Altura told shareholders that the company and its coal partners would inject the entire Delta project, and a minimum of 70% of the Tabalong coal mine into the newly listed venture.
Altura would maintain a controlling interest in the new company and would hold two of the five board positions, including that of chairperson.
The company told its shareholders that the consolidation of its coal assets into a separately coal-focused entity, based in Singapore, would allow for the recognition of Altura’s investment in the Indonesian coal assets, and would provide a platform to build on the existing Delta coal business, as well as give management the financial resources required for the development and further exploration of Tabalong.
The new company’s initial public offering would be launched in early 2015, and funds raised would go towards the development of Tabalong through to production, as well as toward exploration programmes for both projects.