Five Japanese commodities big-wigs have become hot property in the race for BHP’s Queensland coal mines ahead of binding bids in early August.
Bidders in the $US3.5 billion-plus auction for BHP’s Queensland coal mines – Blackwater and Daunia – are competing to woo five Japanese commodities houses to join their camps.
The Japanese firms being targeted by suitors include steelmakers JFE and Nippon Steel, and trading houses Marubeni and Sojitz. A fifth, Itotchu, is understood to be working with Whitehaven Coal.Sources said the Japanese players’ popularity among Daunia and Blackwater’s suitors drew from three factors. First, their deep pockets would be much-needed funding support for the winning bidders. The initial bids landed between $US3.
It would be interesting to see if the shortlisted bidders succeed in winning over a Japanese bid partner come August, more so because the Japanese government, last year, was critical of Queensland’s coal royalty tax regime. Street Talk has previously reported the shortlist has included Coronado Global Resources, Yancoal, New York-listed Peabody Energy, BUMA and Whitehaven. Sources said bidders would be thinking hard about price, given coal prices had ticked down, and macroeconomic condition worsened since Macquarie collected indicative bids. Blackwater’s billion-dollar rehabilitation liability is also a sticking point for both buyers and the seller.
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