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Mitsubishi Sells Stake in New Hope Corp

Coal News - Published on Mon, 24 Feb 2020

Image Source: New Hope Corp
Reuters reported that Japan’s Mitsubishi Materials Corp has sold its 11.21% stake in Australian coal producer New Hope Corp for AUD 157.6 million. The deal, arranged by JP Morgan, was for a block trade of 93.24 million shares at AUD 1.69 apiece. The report did not name the buyer. A Mitsubishi Materials spokesperson told Reuters that the sale was not based on any specific policy on thermal coal. The company will reportedly continue to source thermal coal from New Hope to fuel its cement plants.

New Hope's assets include the New Acland, Minerva and West Moreton coal mines in Queensland and the Bengalla coal mine in New South Wales. During its fiscal first half, New Hope's salable coal production rose 33% to 6.2 million tonnes, and sales jumped 44% to 6.4 million tonnes.

According to S&P Global Market Intelligence data, Washington H. Soul Pattinson & Co Ltd is New Hope's largest shareholder, with a 49.98% stake. Perpetual Ltd owns a 4.94% stake, Farjoy Pty Ltd holds a 1.86% interest, and BKI Investment Co Ltd has a 1.78% shareholding,

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Posted By : Yogender Pancholi on Mon, 24 Feb 2020
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