10/19 05:07 New Coal<AMCJ.J><IGEJ.J> plans data room for bids
JOHANNESBURG, Oct 19 (Reuters) - The partners of a major South African coal joint venture
said on Monday they expected to open a data room early next year as part of an effort to seek
black empowerment partners.
Anglo American Coal <AMCJ.J>, Ingwe Coal Corp <IGEJ.J>, Gold Fields of South Africa
<GLDF.J> said in a joint statement on Monday that plans to create a black-led coal mining
group, New Coal, were on schedule.
The new company, announced on July 30, is expected to have coal sales of 18 million tonnes
a year.
"Over the next few months, Amcoal and Ingwe will develop evaluation criteria in terms of
which proposals made by interested parties will be assessed," the partners said.
"Once this exercise has been completed, a comprehensive information memorandum, with a
supporting data room, will be established and interested parties will be invited to submit
proposals," the statement said.
The target date for establishing New Coal is January 1, 1999. The partners have agreed that
the various operations that will comprise New Coal will be merged and operated as one
business entity prior to introducing new shareholders.
New Coal will be managed on an interim basis by a joint Ingwe/Amcoal management team.
"The creation of New Coal at an early stage will enable prospective shareholders to gain an
accurate view of the previous and current performance of the various operations now being
merged," the statement said.
Since the July announcement, Amcoal's bid for 100 percent of Gold Fields Coal <GFCJ.J>
was approved by GF Coal shareholders and South Africa's Supreme Court.
New Coal will include several collieries, coal rights and some other assets currently managed
by Amcoal, Ingwe, Gold Fields Coal. |
