25 May 2012

Resource groups line up to tap AIM bulls

11/02/2011 Robert Tyerman

Today’s focus on strong commodity prices is bringing entrepreneurs with projects all over the world to test London’s junior stock market. Indonesia-focused Nusantara Energy, with an estimated 480 million tonnes of thermal coal in Sumatra, is thought to be contemplating a pre-float funding of £10 million at 40p, unless another company in the industry makes an attractive offer.

Richard Healey, chairman of AIM counter Baltic Oil Terminals (BTC) and former head of Platinum Mining Corporation of India, is executive chairman of Nusantara, whose fans claim that it will be able to make a margin of $20 (£12.5) a tonne in open-cast mining of its near-surface deposits, though it will need to build a road to a new port. The company will sell its output to India and is understood to have good relations with at least one major Indian utility.

Another company believed to be considering an AIM float this year is Cyprus-registered Lucent Petroleum, with an estimated 479 million barrels of oil in Kazakhstan. Last autumn, Tau Capital (TAU), an AIM-quoted investment group linked to Lucent’s current owner, provided $15 million of financing to the company, including a convertible.

Market watchers believe that Aussie-listed nickel play Proto Resources, with interests in Tasmania and Western Australia, could have its eye on AIM as well. Chinese peanut oil supplier Pinpinhao Inc is also thought to be considering a similar move.

If the commodity boom continues and these companies do decide to come to AIM, they could meet a warm reception.

Tags: Baltic Oil Terminals, Nusantara Energy, Tau Capital

Companies: Baltic Oil Terminals , Tau Capital

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