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