Australian multimillionaire Nathan Tinkler is finalising plans to list his coal company, Ashton Resources, on the Australian Stock Exchange after completing the purchase of Rio Tinto's Maules Creek project. Mr Tinkler plans to raise up to $300 million in a partial initial public offering within six months.
The project, in the Gunnedah Basin in NSW, would need about $120m to develop and Mr Tinkler expects to maintain majority control.
"The Maules Creek project is one of Australia's few remaining `tier-one' coal development assets," said Mr Tinkler. "It ranks as a globally significant deposit of high-quality, low-ash, high-energy thermal coal and premium-quality semi-soft coking coal. Both the coking and thermal coal are a high-grade product and traditionally those products have found a home in Asia. The quality projects end up with the top Asian steel mills and we don't expect Maules Creek will be any different." he said.
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