Peabody buys stake in Chinese coal importer
(AP) ST. LOUIS — Peabody Energy Corp., the world's biggest private-sector coal company, said Wednesday that it bought a 5.1 percent stake in a Chinese coal importer. China is the world's 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's steel industry and is a top supplier of Mongolian coal into China.
Peabody 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 said.
Peabody bought its equity stake by purchasing Winsway shares on the Hong Kong Stock Exchange.
The St. Louis company is also buying Australia's Macarthur Coal Ltd., a major producer of pulverized coal used by steel producers, for $5 billion. Peabody hopes to further expand Australia operations that send coal to customers in China, India and elsewhere in Asia.
Financial terms for the stake of Winsway Coking Coal Holdings Ltd. were not disclosed.
Winsway is a major importer of coking coal for China's steel industry and is a top supplier of Mongolian coal into China.
Peabody 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 said.
Peabody bought its equity stake by purchasing Winsway shares on the Hong Kong Stock Exchange.
The St. Louis company is also buying Australia's Macarthur Coal Ltd., a major producer of pulverized coal used by steel producers, for $5 billion. Peabody hopes to further expand Australia operations that send coal to customers in China, India and elsewhere in Asia.
Comments
Post a Comment