The company owns the Raspadskaya longwall mine in west Siberia's Kuzbass coal basin. Raspadskaya is Russia's most productive underground mine producing more than 8 million tonnes per annum at an extraction height of 4.5m.
According to a report from the Russian News and Information Agency, the company will offer common shares to Russian investors and to institutional investors outside the United States.
Credit Suisse and Deutsche UFG will coordinate the initial public offering and Credit Suisse, Deutsche UFG and Morgan Stanley will be joint bookrunners.
“The initial public offering will help us determine the market value of our business, and also to receive international recognition for our company as the best in the sector. This is particularly important in the light of our strategic plans to expand our presence on the market, while ensuring stable production growth," the Russian News and Information Agency quoted company general director Gennady Kozovoi as saying.
Back in 2003, Raspadskaya purchased roof supports and an AFC extension to lengthen its longwall face line and increase production capacity. The purchase of 50m of roof support and AFC extension extended the face length to 300m (985 feet).
Late in December 2003 the mine was able to set the output record of 512,955 tonnes using a refurbished JOY 6LS3 shearer. The shearer was overhauled by Joy service engineers in the Kuzbass during June 2003, after it had previously extracted 6 million tonnes of coal from two panels.
