MARKETS

Coal company in favour

SYDNEY-based, US-focused County Coal - which is chaired by Centennial Coal chairman Bob Cameron -...

Lou Caruana
Coal company in favour

Shares hit an intraday high of A80c before closing on 75c, an 87.5% premium, with just over 2.5 million shares changing hands.

The company raised $15 million in its initial public offering.

County acquired two thermal coal projects in the Powder River Basin in Wyoming, with a view to fast-track production.

The Shell Creek project has resources of 332 million tonnes, while the Miller project has a 310Mt measured resource.

The company is targeting a 1 billion tonne resource within two years and initial production of 5 million tonnes per annum by 2015 with plans to increase to 20Mtpa by 2018.

Corporate advisor Marcus Boland is an executive director and Wyoming-based geologist David Miller is a non-executive director.

Former Carabella Resources managing director Mitch Jakeman and Shell Canada consultant Steven Parker make up the company’s mining advisory panel.

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