Saturday, 10 Dec 2011
Peabody Energy Corp the world biggest private-sector coal company bought a 5.1% stake in a Chinese coal importer. China is the world biggest coal market.
Financial terms for the stake of Winsway Coking Coal Holdings Ltd were not disclosed. Winsway is a major importer of coking coal for China steel industry and is a top supplier of Mongolian coal into China.
Peabody said the company currently operates a coal and uranium joint venture with Winsway in Mongolia. The two companies also recently reached a tentative deal to establish a joint venture to market coal in China and the Asia-Pacific region.
Peabody bought its equity stake by purchasing Winsway shares on the Hong Kong Stock Exchange.
(Sourced from www.cbsnews.com)
Peabody Energy Corp the world biggest private-sector coal company bought a 5.1% stake in a Chinese coal importer. China is the world biggest coal market.
Financial terms for the stake of Winsway Coking Coal Holdings Ltd were not disclosed. Winsway is a major importer of coking coal for China steel industry and is a top supplier of Mongolian coal into China.
Peabody said the company currently operates a coal and uranium joint venture with Winsway in Mongolia. The two companies also recently reached a tentative deal to establish a joint venture to market coal in China and the Asia-Pacific region.
Peabody bought its equity stake by purchasing Winsway shares on the Hong Kong Stock Exchange.
(Sourced from www.cbsnews.com)
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