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Miners hit jackpot buying bargain-bin coal mines

Published Sun, Oct 2, 2016 · 09:50 PM

Sydney

BUYING bargain-bin coal mines amid the worst commodity slump in a generation has turned into a savvy bet as prices of the fuel surge.

Stanmore Coal Ltd bought the Isaac Plains metallurgical coal mine in Australia for A$1 (S$1.04) in July 2015 from Brazilian miner Vale SA and Japan's Sumitomo Corp when the price of met coal, used to make steel, averaged the lowest in about a decade and just three years after the mine was valued at A$860 million.

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Companies & Markets

Miners hit jackpot buying bargain-bin coal mines

Energy & Commodities

Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains

Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early

Anglo rejects BHP takeover bid as significantly undervalued

India rice prices at three-month low on shrinking demand

Gold prices set for weekly decline ahead of US inflation data

Pricey coffee is here to stay as hoarding, heat hit Vietnam supply

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