Sources told Reuters the company would offer a 25% stake in the float in the form of ordinary shares.

The news wire said GLG Emerging Markets Growth Fund would sell the shares as Sibanthracite aimed for a 17% share in the global anthracite market.

The IPO reportedly might value the miner at $800 million.

One analyst who spoke to Reuters acknowledged the pressure the coking and thermal coal export market, particularly in Russia, had come under with dropping prices and rising transport costs.

“The timing is a bit awkward now that international coal prices are hitting their lowest level for several years,” Societe Generale analyst Sergey Donskoy said.

“Everything depends on how realistic the firm's expectations are on the valuation. They will need to be willing to give some upside to investors.”

Sibanthracite produces ultra-high grade anthracite used in the steel and ferroalloy sectors.

It owns mines in Siberia, specifically the central Siberian region of Novosibirsk, and produced more than 4 million tonnes last year.

The company earned net income of $117 million from revenues of $508 million, according to officials.

Sibanthracite chief executive Dmitry Shatokhin previously said the firm, which exported 90% of its tonnage, was “well positioned to benefit from rising demand for high-quality anthracite”