According to Mining News Pro - Coronado Coal plans to list on the Australian Securities Exchange (ASX) with a share price between $4–$4.80 for a company value of up to $4.4 billion.

Energy and Minerals Group (EMG), the company that owns the majority of Coronado Coal, is behind the $1.4 billion raising and will retain 69 per cent of the company until February 2020.

The company operates in Australia at the Curragh coking coal mine north of Blackwater in the Bowen Basin, Queensland, which it purchased from Wesfarmers at the end of 2017 for $700 million.

Coronado recently entered into a coal supply agreement at Curragh with Stanwell until 2027 for use at the Stanwell Power Station in Stanwell, Queensland.

Curragh consists of two mining areas (Curragh East and Curragh North) and contains measured, indicated and inferred resources of 458Mt, excluding proved and probable reserves of 169Mt.

Chairman Greg Martin, in a prospectus for the IPO, said, “We believe that we are positively differentiated from other Australian and US-listed coal producing companies through our scale, geographical diversification, low-cost operations, metallurgical coal focused production and focus on shareholder returns.”

The IPO will take place in two tranches, one for the raising of $666–799 million (16.6 million shares) and the second to raise a further $494–593 million (12.3 million shares).