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First Reserve and AMCI Sell Stake in Australia's Whitehaven Coal

First Reserve and AMCI have sold $390 million worth of shares they owned in Australian coal mining company Whitehaven Coal.

The 65 million shares were sold through Credit Suisse at $6 each. Whitehaven Coal said that the shares were sold to a broad range of Australian and international institutional and sophisticated investors.

Whitehaven said in a statement to the Australian Securities Exchange that both First Reserve and AMCI have demonstrated a long-term commitment to Whitehaven and through this transaction have realized a return for part of their holding on behalf of their underlying investors.

First Reserve reduced its holding in the company to 14.7 per cent and AMCI to 9.7 per cent. The two companies remain the largest shareholders of Whitehaven Coal despite having downsized their stake in the company.

London-based managing director of First Reserve, Alex Krueger said that for them it was a good chance to take a partial realization of what has been a very successful investment for them. He added that they continued to hold the majority of their shares because they liked the growth prospects of the company.

Last year Whitehaven proclaimed an internal auction process for a potential suitor, but the process was ended earlier this year amid conjecture that there was not enough interest in the company. China's Yanzhou Coal was one of around six suitors who submitted bids.

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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