News and Charts for PETMIN MINING

Good start to the day as up nearly 7%

Petmin starts well on AIM
Date: Wednesday 20 Dec 2006

LONDON (ShareCast) - South Africa-based minerals, mining and processing company Petmin joined AIM Wednesday, enjoying quick gains as jumped to 11p from its 9p placing price.

The Johannesburg-listed multi-asset company with profitable specialist coal and silica assets in South Africa bagged £3.6m from a placing of 40m shares, valuing the group at £43.2m.

“Admission to AIM represents a further step by the company in its long-term strategy of becoming an international multi-commodity minerals business,” it said.

The fresh cash will help pay for a comprehensive drilling programme at its Somkhele anthracite colliery in KwaZulu-Natal province, to move resources to proven reserves and extend the life of mine beyond 25 years.

In addition, money will go towards the acquisition of additional Richards Bay coal terminal allocation to support the planned growth in Petmin’s anthracite exports.



December 2006 Interim estimated to be released on Wednesday, 28 February 2007

Next AGM date: Wednesday, 31 January 2007