Australia's explorer APAC Coal Ltd is looking to raise $15 million through an initial public offering to fund the development of a thermal coal mine in Indonesia, Australian Associated Press reported.
APAC Coal's flagship project is located in East Kalimantan, and contains a resource of 5.1 million tons of thermal coal, which is used to fuel power stations.
Chairman Paul Piercy said the coal would be sold principally into the domestic energy market with the intent to enter the international export market "very quickly".
"The prices of thermal coal have also been very buoyant with prices reaching over $120 per ton from an earlier base price of $25 per ton," he added. APAC plans to sell 75 million shares to raise the $15 million.