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Whitehaven Coal Announces Multiple Takeover Proposals

Whitehaven Coal Ltd is an Australian coal mining company that put itself up for sale last October. Whitehaven says that a number of parties have submitted formal proposals for the company and it is now in discussion with a number of these parties to determine which proposal is likely to be recommended by the board of directors.

The company had a market value of Australian $3.5 billion on October 29, 2010. If a company succeeds in buying Whitehaven Coal they will pick up four mines and projects in the New South Wales Gunnedah basin.

These mines produce pulverized coal for steelmaking and coal for energy needs as well. Steel makers and power producers have been pushing up demand for coal. This is why global mining firms have been adding coal assets to their portfolio. As per data from Bloomberg $10 billion worth of takeovers were conducted in the very first quarter.

Whitehaven Coal also owns 11% of the Newcastle Coal Infrastructure Group. This is a port developer that commissioned 30 million metric tons of export shipping capacity last March. None of the bidders would mind this extra on the side. Although the company has mentioned no names bidders may be such parties like China's Yanzhou Coal Mining Co and India’s Aditya Birla Group.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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