It’s pens down for Yancoal Australia at BHP’s multibillion-dollar sale of its Queensland coal mines Blackwater and Daunia.
A significant shift is happening in the pool of bidders for BHP’s multibillion-dollar sale of its Queensland coal mines Blackwater and Daunia.
It was not known if Yancoal tabled a proposal when sell-side adviser Macquarie Capital called binding bids earlier this month. The ASX-listed miner is majority-owned by China’s Yankuang Energy and has been seen as the suitor that would find it the easiest to line up financing for its bid – but also the one that could have the toughest time with the Foreign Investment Review Board.
Among the bidders still standing, ASX-listed Whitehaven Coal is understood to be working with Japanese trading house Itochu. It is still keen despite public opposition from an investor, London-based hedge fund Bell Rock Capital Management, which would prefer the company instead return more money from its enormous cash pile to shareholders.BUMA Australia is an Indonesian mining contractor which has provided truck and excavator pre-strip operations to the Blackwater site for a decade.
Sources expected the final bid amounts to have been at least 10 per cent to 20 per cent lower, given the fall in coal prices. Blackwater’s billion-dollar rehabilitation liability is also a sticking point for both buyers and the seller – BHP would hate to see itself still on the hook after the sale, while the bidders would like the money to be spent down the line to be reflected in price expectations.
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