Quoted Australian coal companies have continued raising capital while their shares remain in market favour. Latest to do so is Gympie Gold, operator of the Southland soft coking coal mine in New South Wales.Gympie last week launched a 40m Australia dollars convertible note issue, with some proceeds earmarked to expand Southland from its current capacity of about 1.5mt/yr to 2.5mt/yr by 2004-5. The raising has closed fully subscribed and follows last month's 30m Australia dollars share issue by a New South Wales soft-coking rival, Austral Coal.
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