Shumba Coal debuts on BSE

The junior miner holds rights to the 247 square kilometre Sechaba Project near Palapye, which is estimated to contain one billion tonnes of good quality export thermal coal. Shumba Coal is also planning further billion-tonne coal acquisitions elsewhere in Botswana.

Prior to yesterday's listing, the company placed 7.1 million shares with private investors at a price of one Pula per share, adding to the more than $3 million (P24.6 million at current rates) raised in the last 18 months. In total, Shumba Coal listed 168.8 million shares on the BSE's Venture Capital Market (VCM) at an opening price of one Pula. The counter had not changed hands by the end of the day, with sellers asking for P1.05.