Tuesday, 19 Jul 2011
Gloucester Coal has completed two acquisitions designed to create a leading Australian coal miner worth about AUD 2 billion.
Gloucester said it had completed the purchase of Donaldson Coal Holdings, which owns three NSW coal mines, from Asian commodities trader Noble Group. It also completed the acquisition of Monash Group, which holds a large semi soft coking and thermal coal development opportunity in NSW's Hunter Valley, from Ellemby Holdings Pty Ltd for AUD 30 million in cash plus a small amount of converting Gloucester shares.
Donaldson has an 11.6% interest in NCIG Holdings, the operator of a new coal export terminal at the Port of Newcastle, which Gloucester says brings it an attractive allocation of port capacity.
The Donaldson transaction involved the Australian firm issuing Noble AUD 360 million worth of new Gloucester shares at a price of AUD 9.75 per share.
This increases Noble Group's stake in Gloucester to about 63.4% from 55.2% previously.
Gloucester said that "Completing the acquisition of Donaldson and Monash was a significant step in Gloucester's strategy to transform the company into a leading Australian coal producer.” It added that "The acquisitions increase the company's resource base from 340 million tonnes to 1512 million tonnes."
(sourced from SMH)
Gloucester Coal has completed two acquisitions designed to create a leading Australian coal miner worth about AUD 2 billion.
Gloucester said it had completed the purchase of Donaldson Coal Holdings, which owns three NSW coal mines, from Asian commodities trader Noble Group. It also completed the acquisition of Monash Group, which holds a large semi soft coking and thermal coal development opportunity in NSW's Hunter Valley, from Ellemby Holdings Pty Ltd for AUD 30 million in cash plus a small amount of converting Gloucester shares.
Donaldson has an 11.6% interest in NCIG Holdings, the operator of a new coal export terminal at the Port of Newcastle, which Gloucester says brings it an attractive allocation of port capacity.
The Donaldson transaction involved the Australian firm issuing Noble AUD 360 million worth of new Gloucester shares at a price of AUD 9.75 per share.
This increases Noble Group's stake in Gloucester to about 63.4% from 55.2% previously.
Gloucester said that "Completing the acquisition of Donaldson and Monash was a significant step in Gloucester's strategy to transform the company into a leading Australian coal producer.” It added that "The acquisitions increase the company's resource base from 340 million tonnes to 1512 million tonnes."
(sourced from SMH)
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