Ambre Energy appoints Joint Lead Managers for planned ASX listing
Australian and US thermal coal mining and export company Ambre Energy Limited today announced the appointment of CBA Equities Limited, RBC Capital Markets and RBS Morgans Corporate Limited as Joint Lead Managers to assist the company in its planned listing on the Australian Securities Exchange (ASX) in the second quarter of 2012.
Ambre Energy Limited is forging ahead with its project development agenda in an exciting time for world coal, where continued growth in coal-based power generation in the Asia-Pacific drives robust demand.
CEO of Ambre Energy Edek Choros said the Company was committed to building a vertically integrated US coal export business to service Asian customers.
“Our prime strategy is to optimize coal assets in the US and develop the logistical infrastructure required to service strong and growing export markets with a high quality thermal coal product,’’ Mr Choros said.
Ambre Energy recently acquired a 50 per cent interest in each of two substantial active coal mining assets in the US states of Montana and Wyoming, the Decker and Black Butte mines, and 100 per cent interest in the remaining reserves of the Big Horn Coal Company and the Rosebud Coal Sales Company.
Ambre Energy has assumed full operating responsibilities for both the acquired mines where current production is approximately 6 million tonnes in total per annum.
These mine asset acquisitions follow the earlier purchase by Ambre Energy of the Millennium Bulk Terminals-Longview port facility (MBTL) on the Columbia River near Longview, Washington State, with Arch Coal, Inc. (NYSE:ACI), the second largest U.S. coal producer, taking a 38 per cent stake in MBTL.
Ambre Energy also has plans to develop the Morrow Pacific project, a coal barging and transhipping project on the Columbia River, to provide an export route for Powder River Basin coal to U.S. trade allies in the Asia-Pacific market.
In January, Port of St. Helens Commissioners unanimously approved a Terminal Service Agreement for the Morrow Pacific project, enabling the company to proceed with plans for a transloading facility at the Port of St. Helens’ Port Westward Industrial Park on the Columbia River.
Both of Ambre Energy’s operating mines, as well as its US export terminal development sites, are connected by an efficient rail network serviced by a number of rail companies. Ambre Energy will continue to target assets which complement the coal-related infrastructure it owns to expand its markets and facilitate trading activities.
ENDS
For further information contact:
Andrew Crook: 0419 788 431
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