Sev.en Global Investments said Monday it will acquire a 51% stake in miner Coronado Global Resources from Energy and Minerals Group (EMG), as the Czech Republic-based investment group expands into metallurgical coal.
Coronado Global Resources has three mining complexes in Australia and the United States and has an annual coal production of 16 million tons.
“We believe Coronado has developed a successful business strategy and we will support the company as it continues its business strategy to grow and strengthen its position in both the US and Australia,” Alan Svoboda, CEO of Sev.en Global Investments, said in a statement. a permit.
Metallurgical coal, or coke, is used in the production of steel.
Czech billionaire Pavel Tekac, who owns Sev.en Global Investments, told Reuters in May that he was looking for acquisitions in the United States and Australia to continue his series of deals that include power generation, coal and mining rights, which would enable him to achieve the high profits he seeks. Returns in sectors that others have avoided.
The financial terms of the deal were not disclosed. (Reporting by Jan Lopatka, Writing by Alan Scharlich, Editing by Susan Fenton and Josie Kao)
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