BHP says Whitehaven Coal is the preferred bidder of its Daunia and Blackwater coking coal mines in Queensland.
BHP says Whitehaven Coal is the preferred bidder for its Daunia and Blackwater coking coal mines in Queensland.
Whitehaven had more than $2.3 billion of cash on hand at June 30 but Wednesday’s description of Whitehaven as “preferred bidder” rather than “buyer” suggests Whitehaven has some work to do in the next 48 hours to raise the cash.Whitehaven’s successful bid comes as London hedge fund Bell Rock tries to pressure Whitehaven to not buy the mines and instead return cash to shareholders.
The company dug up 285.3 million tonnes of iron ore last year, but sold only 280.7 million tonnes, meaning that at June 30 it had 4.6 million tonnes of ore stockpiled in China awaiting sale.last week that investors should get used to seeing BHP report an inventory position at the Chinese ports. Rio Tinto reported on Tuesday that Chinese domestic steel demand in the eight months to August was 1 per cent higher than the same period last year.
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