SINGAPORE (May 26): Since 2013, the Singapore Exchange has allowed non-producing mining companies to list on the Mainboard if their market values are at least $300 million based on the issue price and post-invitation issued share capital.

Mining companies need not have revenue or profit, but they must have established the presence of minerals according to international standards and practices. They must also disclose their plans, milestones and capital expenditure to advance to the production stage.

Many of the mining companies that have sought listings in Singapore are Indonesia-based coal players. They include Golden Energy and Resources — the largest Singapore mining stock by market capitalisation — which listed via the RTO of United Fiber System; as well as BlackGold Natural Resources via the RTO of NH Ceramics; and Resources Prima Group via the RTO of Sky One. A fourth Indonesian coal producer, Geo Energy Resources, listed via IPO.

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