Scottish Resources Group plc (SRG) today announces its intention to list on the London stock market. The Group is seeking to raise new equity capital of approximately £25 million (US$ 37.43 million) to refinance the acquisition of a surface mine site with reserves of approximately 0.6 million t as well as to strengthen the Group’s balance sheet.
Scottish Resources Group plc is the largest surface mining coal producer in the UK. As a result of its mining operations, the Group also has a strategic land portfolio in the central belt of Scotland, which represents a significant ongoing opportunity for residential and commercial developments as well as for renewable energy projects.
SRG is the largest surface coal mining company in the UK and has nine operating surface coal mine sites in Scotland, producing 3.4 million t of coal in the year ended 27 March 2010, as well as a 20% share of total UK coal production in 2009.The company has audited coal reserves and resources of 52.3 million t.
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