Waterberg Coal Company lists on AltX
JOHANNESBURG (miningweekly.com) – ASX-listed coal miner Waterberg Coal Company (WCC) on Tuesday announced that it had listed on the Johannesburg Stock Exchange’s AltX – becoming the 105th company to do so.
WCC plans to develop coal tenements in the Waterberg region of Limpopo, which contains 40% of South Africa’s remaining coal resource, during the first quarter of 2015 through its interest in the Waterberg project.
The Waterberg project comprises eight coal tenements totalling 7 979 ha, adjacent to Exxaro’s Grootegeluk mine and was expected to supply ten-million tons a year of thermal coal to South African power utility Eskom.
WCC recently, through its wholly owned subsidiary Ariona Company South Africa, acquired 25% of the issued share capital of black economic-empowerment company Sekoko Coal, which holds a 40% stake in the Waterberg project, giving WCC a 10% interest in the project.
The remaining 60% of the Waterberg project is held by Firestone Energy, in which WCC holds 42.07%.
Aside from its interest in the Waterberg project, WCC also holds three gold tenements in South Australia.
“We are pleased to welcome Waterberg Coal onto the JSE. Given the exchange’s deep mining heritage, investors on this market understand investing in mining and have appetite to invest across the spectrum – from exploration companies to majors,” JSE director of issuer and investor relations Zeona Jacobs said.
Jacobs added that South Africa was ranked second in the world for raising capital through the local equity market according to the recently released World Economic Forum’s Global Competiveness Report for 2013/14.
“The message we share with resources companies is that the JSE has access to deep pools of capital, both from our local investment community and foreign investors. This makes the JSE an ideal destination to raise capital for projects in the region.”
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