Miners hit jackpot buying bargain-bin coal mines
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
Gold prices hold ground as traders eye US Fed cues
Suspicious China cooking oil is hurting US biofuels business
Britain to build Europe’s first next generation nuclear fuel facility
Renewables provided record 30% of global electricity in 2023, think tank Ember says
Oil settles lower on signs of easing supply tightness