25 May 2012

Sable raises £80m

16/04/2010 Robert Tyerman

Phil Edmonds’ Sable Mining has raised $125 million (£80 million) at a discounted 28p to develop coal interests in South Africa.

The AIM-quoted company, steed by Edmonds’ business partner Andrew Groves, says some of the money raised from new and existing institutional investors will be spent on projects undertaken by private Delta Mining, where Sable paid £11.2 million in February for 29.3 per cent. Sable says it will have cash of more than £100 million after this placing and will also use it to buy and develop other coal and iron ore assets in sub-Saharan Africa.

Highlighted by Growth Company Investor at 20.5p two months ago, Sable shares have now reached 36.5p. They value the company at £229 million and offer speculative, if volatile, possibilities.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: Sable Mining Africa

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