Glencore to list coal mines.(Australian Stock Exchange)(Brief Article)

Mining Journal, July, 2001

The Swiss-based trading house Glencore International AG has confirmed plans to list its coal-mining business on the Australian Stock Exchange in two months' time, in the largest public offering in the mining and metals sector thus far this year. Glencore plans to offer 60-70% of the new company, to be called Enex Resources Ltd, to raise around A$2.5 billion, and will retain the balance of the shares and establish a "marketing relationship" with the new company. The fund raising underlines not only the resurgence of interest among investors in `old economy' companies, but also the recent growth in enthusiasm for energy-related shares. Peabody Energy Corp. of the US raised US$483 million two months ago (MJ, May 25, p.393), and the Enex initial public offering (IPO) is...

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