Miners hit jackpot buying bargain-bin coal mines
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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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