Coal Asia Holdings, holder of the Phuilippines’ second largest coal reserves and with the potential to become the biggest producer of high-grade bituminous coal, has filed an application with the Securities and Exchange Commission to conduct an initial public offering of its shares on the Philippine Stock Exchange’s first board. later this year.
The net proceeds are earmarked to bring its Davao Oriental mine into production by 2014 and its Zamboanga Sibugay mine by 2015.
Coal Asia Holdings is the parent company of Titan Mining and Energy Corporation (TMEC) which owns mining exploration and development rights in Davao Oriental and Zamboanga Sibugay,
Titan is expected to be the second largest coal producer (next to Semirara) in the country with reportedly coal assets worth P12.5 billion based on an independent valuation report prepared by Multinational Investment Bancorporation last May.
The company’s mine developments are on track with commercial production of 600,000 metric tons of high grade coal per year scheduled for the first quarter of 2014.