Continental Coal to list on JSE by Q4
JOHANNESBURG (miningweekly.com) – ASX- and Aim-listed Continental Coal on Friday announced its intention to list on the main board of the JSE.
The South African thermal coal company described the move as a strategic initiative to enhance its growth prospects, facilitate investment by Africa-domiciled investors and augment stakeholder relations in South Africa, as it accelerates its growth profile.
The company was to develop its fourth thermal coal operation, the De Wittekrans mine, later this year.
CEO Don Turvey said strong performances by several South Africa-listed thermal coal companies over the past 12 months had demonstrated a high level of local support, as well as a recognition of the strength of South Africa's coal sector.
He added that sophisticated African institutional investors were strong supporters of Africa-focused resources companies, particularly those in production and, in most instances, were more comfortable trading on the JSE than on other exchanges.
“Being listed on the JSE is an important milestone for Continental, not only because it links us directly to the financial markets in South Africa, but also because it allows stakeholders in our business to participate in the growth of the company,” he commented.
Continental, which planned to complete the listing in the fourth quarter of this year, had appointed Investec Bank as sponsor and financial advisor for the proposed listing.
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