25 May 2012

New Welsh coal float mooted

04/02/2009 Robert Tyerman

Undismayed by the present bleak mining environment, entrepreneur Jeremy Dowler, chairman of Mozambique-focused Baobab Resources, is planning to open a new coal mine much closer to home, with a view to floating it later this year. The project he has in mind is the Unity drift mine in the Neath valley in South Wales, whose backers include Greek and Australian groups and whose corporate name is Unity Power.

Dowler is no slouch at securing support for his projects. Despite its depressed share price, Baobab managed to raise £500,000 at 2.5p in November and has secured $730,000 (£509,000) from the World Bank’s International Finance Corporation in investment and cost payment commitments for its Tete precious metals project in Mozambique.

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Sector: Industrial Engineering

Companies: Baobab Resources

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