Johannesburg, South Africa — MININGREVIEW.COM — 29 March 2010 – Optimum Coal Holdings Limited “’ South Africa’s leading black-owned and controlled coal mining and exploration group “’ successfully listed in the General Mining sector on the JSE Main Board this morning, opening with its first trade at R31.85 per share.
Optimum Coal has 248.5 million ordinary shares in issue with a market capitalisation of around R8 billion.
Speaking at the JSE to celebrate the listing, Optimum Coal CEO Mike Teke commented: “Our listing brings a thermal coal pure-play to market, while strengthening our development abilities and further enabling us to pursue our growth strategy. Our vision is to become the benchmark South-African owned and controlled coal mining and exploration group.”
Optimum Coal is the sixth largest producer and the fourth largest exporter of thermal coal in South Africa, with an extensive operational footprint located in the Witbank coalfield region of Mpumalanga.
JSE head of marketing Noah Greenhill said: “This is a sizeable company with large scale operations and the largest listing on the JSE for some time. Today, Optimum Coal has boldly demonstrated its commitment to the coal industry, to the JSE and to its shareholders.”
The company’s BEE ownership is currently over 60%, and it will remain above 50% until at least May 2014. As a majority black-owned South African company, Optimum Coal is committed to being an industry benchmark in terms of successful BEE implementation.