Botswana’s Coal Miner Minergy Revives LSE Listing Plans
Reuters reported that Botswana’s only privately-owned coal miner Minergy Limited has revived plans to list its shares on the London Stock Exchange) to reduce debt and increase output amid a global commodities boom. Minergy CEO Mr," Morné du Plessis told Reuters "We are now considering listing on the London Stock Exchange Standard Market, not AIM, as we believe it is more cost efficient and less administratively onerous. The quantum depends on market appetite but we would utilise funding to fund doubling up capacity and settle expensive debt."
He did not provide a timeline for the IPO.
In 2018, Minergy shelved plans for an initial public offering on London’s junior AIM stock market, as coal prices crashed in the southern African market while uncertainty surrounding Brexit also weighed.
Minergy’s Masama Coal Mine, which was commissioned in 2018, has a capacity to produce 1.2 million tonnes a year and the company plans to double output if it secures a contract to supply power utility Eskom in neighbouring South Africa.