Coronado to start trading on ASX after massive IPO

According to Mining News Pro -The company issued more than 166.5-million Chess Depository Interests (CDIs), at a price of A$4 each, and sold more than 26.9-million CDIs at the same price.

Every 10 CDIs will represent a fully paid ordinary share in Coronado, the ASX said.

Coronado earlier this year completed the A$700-million purchase of the Curragh coal mine, in Queensland, from Wesfarmers.

Curragh is one of the world’s largest metallurgical coal mines, with baseline production of 8.5-million tonnes a year of export metallurgical coal and 3.5-million tonnes a year of steaming coal, which is sold to the Queensland government’s Stanwell Corporation.

Coronado also owns three producing mining complexes in the US, including the Buchanan mine complex, in Virginia, which produced 4.9-million tonnes of coal in 2017, the Logan mine complex, in West Virginia, that produced 1.7-million tonnes of metallurgical coal and 900 000 t of thermal coal in the same year, as well as the Greenbrier mine, also in West Virginia, that produced 400 000 t of metallurgical coal and 100 000 t of thermal coal in 2017.

Coronado has previously said that the funds raised through the IPO will be used to repay existing debts, and to provide the company with additional financial flexibility to pursue growth opportunities.