Australia's Straits Resources Ltd plans to sell some of its Asian energy and trading assets in an initial public offering of around $US400 million ($A529 million) in Singapore in the fourth quarter, sources close to the deal said.

The newly listed arm would be called Straits Asia Resources and its assets would include its coal-mining operations in Indonesia's Sebuku island, in the province of South Kalimantan and its coal trading business in Singapore, a source told Reuters.

Macquarie Bank is lead managing the IPO.

Straits, which owns all of the assets, is doing an IPO to sell approximately 40 per cent of coal mining operations and other assets and investments in Asia including Indonesia, a source told Reuters.

Perth-based Straits Resources plans to file the prospectus with the Singapore Exchange within the next few weeks.

Straits' gold mine in Mount Muro, also in the Indonesian province of South Kalimantan, won't be included in the newly listed company, the source said.

Earlier this year Straits Resources had said the new company would focus on acquiring and developing projects in the Asian region, according to its web site.

The Sebuku coal mine produced 850,000 tonnes in the first quarter, a 36 per cent increase from a year earlier, Straits Resources said on its web site. The firm expects the mine to produce 3.5 million tonnes this year.

Straits Resources' first-half profit quadrupled, thanks to strong minerals prices. Net profit for the six months to June 30 rose to A$44.3 million ($33.54 million) from A$10.4 million the previous year, it said in August.

A total of 43 companies have listed on the Singapore Exchange this year, mostly small and mid-sized Chinese companies raising capital in Singapore.

Australia Energy