Whitehaven explains its burning ambition for BHP's coal mines
A simmering dispute between the coal producer and a UK hedge fund Bell Rock has spilled into full public view.
Whitehaven Coal has shed fresh light on the reasoning behind its ambitions to acquire BHP's Daunia and Blackwater coal mines in central Queensland, as a simmering dispute with UK hedge fund Bell Rock over the play spills into public view.
As an increasingly vocal Bell Rock laid out a series of objections to the transaction, Whitehaven said its board and management team were committed to pursuing the deal as a way of increasing the company's exposure to metallurgical coal.
“Whitehaven’s Board and management are aligned in support of our long-held strategy to increase the metallurgical coal representation in our product mix, giving us a more balanced portfolio of thermal and metallurgical coal to supply key markets across Asia,” the company said in a statement.
Met coal, a key steelmaking ingredient, is under less environmental pressure than thermal coal, which is used in electricity.
