Tigers Realm Coal ready to list

The raising, at a reduced price of 60? a share because of equity market weakness, was well short of the originally promoted target of $200 million.

There were nevertheless oversubscriptions for the smaller-scale float, which had sought a minimum of $30 million.

"This is the first step to realising the significant value of the Amaam [Russia] and Landazuri [Colombia] coking projects," TRC said. TRC is the first of the commodity-specific spinoffs planned by the privately held Tigers Realm Minerals, a group made up of former Oxiana/OZ Minerals managers, including Mr Hegarty.

TRC was created after the financial crisis hit in 2008 with the aim of assembling a portfolio of Pacific Rim coking coal development projects. It recently increased its total stock exchange compliant resource base to 198 million tonnes of coking coal. In addition, work at its key Russian and Colombian projects has given it confidence to point to an additional "exploration target" across the two projects of 520-850 million tonnes of the key steel-making raw material.

The big increase in (inferred) resources was at Amaam, from 63 million tonnes to 177 million tonnes. At the Rio Blanco tenement at the Landazuri project in Colombia, a maiden inferred resource of 21 million tonnes of coking coal has been estimated.

Amaam is the key project, with TRC targeting initial production of up to 5 million tonnes of high-quality coking coal from 2016.