The 77th Sydney Mining Club Meeting

With HSBC, AMC Consultants, Ausenco, Grange Securities, Outokumpu, and The Swann Group

July 1st at 12.30pm

Presents:

The NSW Coal Mega-Float Story

Excel Coal MD Tony Haggarty

Excel's Hot Debut... 'Embedded Growth' Attracts

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It seems the meaning of the word 'embedded' changed forever on the day journalists rode into the Iraq War. But 'embedded growth' is exactly what investors stumped up $130m for ahead of the May listing of Excel Coal Ltd. Debuting into one of the hottest coal markets in memory, the well-timed and well-pitched coal float eased onto the market at around issue price on May 4th.

The promise was to bounce a string of new and existing NSW coal projects from an existing production of over four and a bit million tonnes to 14 and a bit over the next five years. Excel briefly stopped taking applications to explain to ASIC that the new royalty that the Carr Government was kindly planning to embed in Excel's earnings would not affect the projected first year earnings of $41m. Built around Excel's flagship Wambo Mine in the Hunter is a fresh portfolio - with something old, something new.

The greenfields development of the Wilpinjong Field near Mudgee, expansions at Wambo, Chain Valley and Metropolitan Mines, operation of two South Coast coke plants and a couple of colourful wildcards in Venezuela and Ireland, makes a unique and admirable bouquet of assets. Tony Haggarty has been the trainer, steward and jockey of this innovative float now carrying a market capitalisation of $350m. Tony will discuss the lessons and insights from the founding of this new coal

Don't miss it!