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.
Coronado is currently valued on the ASX at $3 billion, but the deal price was not revealed.
The deal increases Sev.enās investment in Australia which includes the Vales Point power station in NSW as well as a stake in the Millmerran power station,Ā in Queensland. It is controlled by Pavel TykaÄ, an entrepreneur and investor who is ranked by Forbes as among the worldās richest 300 people with a wealth of about $US7.8 billion.
Sev.enās chief executive of global investments Alan Svoboda said the company was excited to become a majority shareholder in Coronado.
āThe company is a global leader in metallurgical coal mining with a world-class performance across its mines,ā he said.
āWe 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.
You might like
āThe 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.ā
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.
Ā
Ā
Want to see more stories from InDaily Qld in your Google search results?
- Click here to set InDaily Qld as a preferred source.
- Tick the box next to "InDaily Qld". That's it.
