rsp/ getting staged on its debut

RSP
Worth a watch as its in a popular sector for the moment,

Instos could be dumping so as to get a lower entry price




but do your own _____________________________________
The issue of 44 million shares for $1 would give Resource Pacific a market capitalisation of about $55 million on listing, when added to pre-existing shares.

The offer is due to close on November 22.


Coal stock listing 29th

Resource Pacific to List Shares Nov. 29 After Raising A$44 Mln

Nov. 20 (Bloomberg) -- Resource Pacific Holdings Ltd., a coal miner in the Australian state of New South Wales, is set to list its shares on the Australian Stock Exchange Nov. 29 after completing a A$44 million ($34.5 million) initial share sale.

Institutional investors bought about 70 percent of the 44 million shares, which were sold at A$1 apiece, said Simon Kidston, a director of Cartesian Capital Pty, which managed the sale for the Sydney-based company.
The offer closed yesterday, he said.

Shares in Australia's latest coal industry float, Excel Coal Ltd., have more than doubled since their May 3 listing, making it the third-best performer in the 156-member Bloomberg Australia IPO Index in the past six months. Investors have bought coal stocks as prices for the fuel reached a record earlier this year on demand from Asia and forecast lower exports from China.

``Most of the investing institutions in the coal sector came into the Resource Pacific offer,'' Kidston said. ``The whole thematic with coal prices is very strong at the moment, so it's looking well for the after-market.''

Resource Pacific, which bough the Nardell coal mine in the Hunter Valley last December for A$5.7 million, sold the shares to pay debt, but a coal treatment plant and to fund existing operations. The offer was underwritten by LCS Capital Pty, a unit of Zurich Financial Services Ltd.

To contact the reporter on this story:
Angela Macdonald-Smith in Sydney at [email protected].

To contact the editor responsible for this story:
Reinie Booysen at [email protected].

Last Updated: November 19, 2004 20:38 EST


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Business - AsiaPulse
AFP Asia | AFP World | Reuters | AP | BusinessWeek | WallStraits

Monday November 8, 11:46 AM
Caol Producer Resource Pacific Holdings to Launch Ipo
SYDNEY, Nov 8 Asia Pulse - Coal producer Resource Pacific Holdings has announced it will raise $A44 million ($US33.53 million) under an initial public offering.

The comapny aims to expand production in the Hunter Valley.

The $44 million float offers a share in the Newpac underground coal mine, formerly Macquarie Bank's Nardell mine, which was acquired by Resource Pacific in December last year.

Resource Pacific managing director Paul Jury said the mine, which has resumed operations with a staff of 71, was producing at the rate of 50,000 tonnes a month.

"An investment in the Resource Pacific initial public offer offers a ground floor entry to the development of one of the largest semi-soft coking coal resources in the Hunter Valley," he said.

In addition, the company hopes to expand production.

If buoyant market conditions continue, Mr Jury said Resource Pacific would also develop facilities and acquire infrastructure to enable it to start the longwall mining of semi-soft coal.

"It has the growth potential for a considerably more productive longwall operation," he said.

With significantly lower operating costs than standard bord and pillar mines, Mr Jury said longwall mining would act as a safety net should the coal market start to slow.

"Our aim is for production to remain low on the competitive cost curve so that we can withstand any downturn in coal prices and remain competitive on the long term," he said.

But Mr Jury said he did not expect a downturn any time soon, given the current economic climate and strong interest from the Asian steel sector.

In fact, the company expects a longwall mine to enable it to reach its target of four million tonnes a year by 2008, and five million tonnes in 2009.

And if the company does not proceed to a lower cost longwall mine, Mr Jury said it would still continue to produce 2.4 million tonnes a year for Asian steel mills.

Located 87 kilometres from Newcastle's export port, the total resource around the mine is 225 million tonnes of coal.

The issue of 44 million shares for $1 would give Resource Pacific a market capitalisation of about $55 million on listing, when added to pre-existing shares.

The offer is due to close on November 22.






Friday November 19, 09:07 PM Asia Pulse
Australia's Resource Pacific Raises Us$34.21 In IPO


SYDNEY, Nov 19 Asia in Focus - Australian coal miner RESOURCE PACIFIC HOLDINGS LTD (ASX:RSP) closed its initial public offer early today after strong interest from investors saw the offer oversubscribed. The company raised $A44 million ($US34.21 million) from the float.

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Resource Pacific plans to expand current production by adding a longwall operation alongside its producing Newpac underground coal mine in the Hunter Valley, New South Wales.

Its 255 million tonnes of coal resources, 87 kilometres from the Newcastle port, is one of the largest semi-soft coking coal resources in the Hunter Valley.