Coal and energy company Minergy said on Monday that it will list a coal company on the Botswana Stock Exchange in the first half of this year and is also planning a Johannesburg Stock Exchange listing in 2017’s latter half.
In the initial capital raising before the listing of Minergy’s exciting Masama coal project, BWP70 million was raised by means of a private placement with selected investors. A further placement is planned for March 2017 as part of the Botswana Stock Exchange listing process. The company has further plans to list on the JSE in the latter half of 2017.
The coal project is located in south western corner of Botswana’s Mmamabula coalfield. Initially however, the Masama project will focus on targeting coal supply into Botswana as well as regional industrial customers and Independent Power Producers (IPPs).
The listing and capital raising is taking place, in order for Minergy to raise capital to bring the resource into production. “We expect that all Environmental Impact Assessments, feasibility studies and the approval of our mining licence will be in place by the first quarter of 2018,” Andre Boje, CEO of Minergy indicated.
With the project being located in Botswana, management have appointed local managers and board. “We estimate that the total investment of the project will be in the region of BWP200 million,” says Boje.
