Business
March 02 2012 - 00:03

Anthracite Mulls IPO

Siberian Anthracite, a Russian coal miner backed by GLG Partners, is studying an initial public offering in London as it seeks funds to triple output and boost exports to Asia, according to largest shareholder Alltech Group.

"The decision on an IPO may be taken once capital markets recover," said Dmitry Bosov, president of Alltech. The mining company plans to increase output of anthracite coal to 9.5 million tons in 2016 from 3.4 million tons last year, Bosov said.

Siberian Anthracite is considering developing new mines and a seaport terminal in the Far East as demand for the steelmaking material grows in Asia. The coal producer had $400 million in sales last year and $169 million in EBITDA.

(Bloomberg)

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