Czech billionaire energy giant picks up control of Coronado
Global energy giant, Czech-based Sev.en will buy out EMG’s 51 per cent stake in Coronado, owner of the Curragh mine in central Queensland.
Operations at the Curragh mine in central Queensland (Image supplied)
Coronado is currently valued on the ASX at $3 billion, but the deal price was not revealed.
The deal increases Sev.en’s investment in Australia which includes the Vales Point power station in NSW as well as a stake in the Millmerran power station, in Queensland. It is controlled by Pavel Tykač, an entrepreneur and investor who is ranked by Forbes as among the world’s richest 300 people with a wealth of about $US7.8 billion.
Sev.en’s chief executive of global investments Alan Svoboda said the company was excited to become a majority shareholder in Coronado.
“The company is a global leader in metallurgical coal mining with a world-class performance across its mines,” he said.
“We believe that Coronado has established a successful business strategy and we support the company in continuation of its business strategy to grow and strengthen its position both in the US and Australia.
“The deal is a testament of our ability to grow rapidly and successfully and aligns with our long-term strategy for international growth in these two jurisdictions.”
The company said metallurgical coal, used in steel making, was a crucial resource.
EMG founder John Raymond said the deal meant the company had accomplished its short-term objectives and left Coronado well-positioned for long-term success.
