Coronado has grown via a series of acquisitions of high-quality metallurgical coal mines, producing less than 0.5 million tonnes from its first acquisition in 2013
Sev.en to acquire majority stake in Coronado Global Resources. (Credit: Zac Edmonds on Unsplash)
Coronado Global Resources Inc. (ASX:CRN) (Coronado, or the Company) refers to the attached media release issued by Sev.en Global Investments (SGI) and The Energy & Minerals Group (EMG) announcing that SGI has signed a binding agreement to acquire all of EMG’s interest in Coronado1 (the acquisition).
Coronado was founded in 2011 by EMG, Garold (Gerry) Spindler and James Campbell. Since its inception, Coronado has grown via a series of acquisitions of high-quality metallurgical coal mines, producing less than 0.5 million tonnes from its first acquisition in 2013, to producing more than 16 million tonnes from a suite of mines in 2022, and with plans to grow to 20.5 million tonnes by 2025. As Coronado’s current Executive Chair, Gerry Spindler said: “I would like to thank EMG for its long-term support of Coronado and the management team. We look forward to Sev.en Global Investments becoming a significant investor in Coronado given their history as a long-term investor in the energy and mining industries and their focus on sustainable growth.”
As per the attached media release, Coronado notes the acquisition is subject to customary closing conditions, including regulatory approvals in the U.S. and Australia (which Coronado has been advised includes approval of Australia’s Foreign Investment Review Board (FIRB) and HSR approval by the Federal Trade Commission (FTC) and may also include approval by the Committee on Foreign Investment in the United States (CFIUS)).
Coronado expects to keep the market informed of any material developments related to the acquisition that are known to Coronado in accordance with its continuous disclosure obligations.
Source: Company Press Release