Coal miner Peabody and Coronado in merger talks

Peabody and the owners of the Curragh mine, Coronado, are in talks over a potential merger.

Oct 12, 2022, updated Oct 12, 2022
Operations at the Curragh mine in central Queensland (Image supplied)

Operations at the Curragh mine in central Queensland (Image supplied)

Peabody owns a handful of significant coal mines in Queensland including the Coppabella and North Goonyella mines in the Bowen Basin.

“Coronado confirms that it is in confidential discussions with Peabody regarding a potential combination transaction,” Coronado told the ASX this morning.

“However, as no transaction has been agreed and the discussions are ongoing, Coronado is not yet in a position to provide further details.

“There is no certainty that the discussions will lead to a transaction.”

The potential merger comes as coal prices have reached record highs although coking coal was now about $US170 a tonne below that of thermal coal, according to a report from Shaw and Partners.

That difference has led to Coronado pushing its coking coal into the thermal market.

Coronado shares were up 6 per cent this morning.




Local News Matters
Copyright © 2024 InQueensland.
All rights reserved.
Privacy Policy