12 July 2011
Canada’s Forbes & Manhattan Coal Corporation (Forbes Coal), which has operations in South Africa, has received approval for a secondary listing on the Johannesburg Stock Exchange.
The company, which has its primarly listing on the Toronto Stock Exchange, will be listed under the symbol FMC, effective from 28 July onwards.
“As an emerging southern African coal producer, listing on the Johannesburg Stock Exchange is a natural step for Forbes Coal,” Forbes Coal CEO Stephan Theron said in a statement this week.
Forbes Coal has a majority interest in two operating mines in the Klipriver coalfield near Dundee in KwaZulu-Natal. These include the Magdalena bituminous mine and the Aviemore anthracite mine.
The mines have a substantial combined resource of coal, and each mine has a projected life span in excess of 20 years.
Growing junior coal market
Forbes Coal is in the process of increasing production at both mines, and is looking to triple production from 2010 levels in the next three to four years using existing infrastructure and capacity.
According to the statement, the company has in-place transportation infrastructure allowing its coal to reach both export corridors and the growing domestic coal market.
“This listing allows the company to further raise its profile with South Africans and gives them the opportunity to invest in what we believe is a growing junior coal market,” said Theron.
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