Sev.en Global Investments to buy majority stake in Coronado Global Resources (updated)

Coronado Global Resources

25/09/2023 17:10

(Adds details on the companies, quotes paragraphs 2-6)
       Sept 25 (Reuters) - Sev.en Global Investments will
acquire a 51% stake in mining company Coronado Global Resources
 CRN.AX  from the Energy & Minerals Group (EMG), it said on
Monday, as the Czech-based investment group expands in
metallurgical coal.
    Coronado Global Resources has three mining complexes in
Australia and the U.S. and has annual coal production of 16
million tonnes.
    "We believe that Coronado has established a successful
business strategy and we will support the company in
continuation of its business strategy to grow and strengthen its
position both in the U.S. and Australia," Sev.en Global
Investments Chief Executive Alan Svoboda said in a statement.
    Metallurgical coal, or coking coal, is used in the
production of steel.
    Czech billionaire Pavel Tykac, who owns Sev.en Global
Investments, told Reuters in May that he was looking for
acquisitions in the U.S. and Australia to continue his string of
deals involving power production, coal and mining rights that
sought high yield in sectors shunned by others.
    The financial terms of the deal were not disclosed.

 (Reporting by Jan Lopatka, writing by Alan Charlish, editing by
Susan Fenton and Josie Kao)
 ((alan.charlish@thomsonreuters.com;))