ATH Resources, the subject of an Alchemy and Bank of Scotland-backed buyout in 1998 plans to float on AIM. Reports suggest the company is hoping to raise £12.5m through an IPO.
ATH Resources was set up to extract and market coal from an opencast site in Ayrshire, Scotland. The opencast site known as Skares Road comprises 1,373 acres and is one of the largest privately-owned opencast sites operated in the UK.
In May 1998 Alchemy invested £3.1m into ATH in return for a majority equity stake and has already received a full payout from the business.
In November 2003 Alchemy also supported the acquisition of a second opencast site in Ayrshire with £1.5m. This site covers an area of approximately 170 hectares and has been in production since 1999.