Done deal: Whitehaven wins BHP Queensland coal mines
Whitehaven Coal has defeated rival bidders to buy BHP’s two Queensland coal mines, Daunia and Blackwater, Street Talk can reveal.
BHP has sold two of its Queensland mines, Daunia and Blackwater, but has kept its most valuable coking coal mines, including Goonyella, Riverside, Peak Downs and Saraji.The deal, which is expected to be announced as early as Wednesday morning, would see Whitehaven buy both the mines. It is proceeding with the acquisition despite an opposition campaign run by one of its investors, Bell Rock Capital.
The auction’s final leg saw Whitehaven compete with at least two rival bidders, BUMA and Stanmore Resources. BHP and its sell-side adviser, Macquarie Capital, received bids from several other parties including Peabody Energy, Yancoal Australia and Coronado Global Resource – all of which eventually dropped out as the auction progressed.to amend the 54-year-old legislation governing the eight mines within its BHP Mitsubishi Alliance to make them easier to sell.
BHP has already exited its interest in Queensland’s South Walker Creek and Poitrel coal mines that it owned with Mitsui. The buyer, Stanmore, now owns assets near Daunia.BHP has traditionally been big on iron ore and coal, but has pushed into “future facing” commodities like copper and nickel. It bought ASX-listed miner OZMinerals in a $9.6 billion deal earlier this year, but sat out other businesses like Mincor and Western Areas, where it was seen as a natural bidder.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aussie seat where 84 per cent voted NoMaranoa, in southwestern Queensland, has done it again.
Read more »
Queensland sugar industry's yield breakthrough to help power renewable energy transitionAlready powering 27 per cent of the state's renewable energy grid, the Queensland sugar industry's research into improved crop yields for biofuel production using genetic selection beats out major rivals Brazil and India.
Read more »
Tension revealed in stalemate; sticking point in Pies talks: How seven biggest trades get doneAFL: The Bombers secured Jade Gresham as a restricted free agent when St Kilda opted not to match the bid.
Read more »
Queensland concreter Jordan Van Doorn accused of murdering his boss with wrench and knifeKhalil Ibrahim went to drop off his employee's pay cheque, less than 30 minutes later he was beaten and stabbed
Read more »
Bank of Queensland: BoQ belatedly reveals executive’s exposure to $42m in loansMany finance executives take out home loans with their employer, but few disclose $42 million in commercial loan exposures.
Read more »