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Chinese Coal Company Plans ASX Listing

Blackgold International Holdings Ltd, a Chinese coal company is looking for a listing on the Australian Securities Exchange to raise $58.5 million. This would be the first Chinese mining company to float on a bourse outside Asia.

The privately owned company is in need of funds to expand its mines in Chongqing province in west central China. Blackgold International is a thermal coal miner which hopes to list on the ASX on November 18, 2010 with an initial market capitalization of $234 million and 30% equity offered in the float. Blackgold chief executive Yu Guo Peng will hold 60.5 per cent of the company after its listing through his privately owned Lucky Magic Enterprises.

It also has plans for acquisitions and developing a coal trading arm in the company. That is why the Australian market was chosen over Singapore and Hong Kong. With an Australian listing they will be able to develop links with Australian coal suppliers.

Blackgold non-executive chairman Chi Ho Tong has confirmed that the ASX listing would be the first for any company from the Chongqing province to venture beyond the usual Asian equity markets of Hong Kong and Singapore.

Caotang and Heiwan are the two mines operated by the company and produce 700,000 tonnes of steaming coal per annum.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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