Coal is not investible for a lot of professional money managers, but Rich Listers – and now China – appear to willing to recognise Australian coal’s place.
Investors who subscribe to the idea that last year’s winners are this year’s dogs would do well to stay away from coal stocks.
But what’s true for more conventional sectors is not always true for coal, which exists in a bubble of its own making. On the supply side, there is no real political will for approving new mega coal mines. While some physical production growth is possible, for the most part coal producers are cash generating machines with nothing better to do with their earnings than hand them back to shareholders. Lucky shareholders.
The billionaire long-time chairman of Washington H Soul Pattinson and Queensland coal miner New Hope, Robert Millner,The Millner family’s net worth was valued at $1.4 billion in the 2022 Rich List, spread across various investments protected by a cross-ownership structure of which New Hope is the jewel.
New Hope memorably bought Wesfarmers’ stake in the NSW Bengalla mine from the WA conglomerate in 2018, boosting its interest to 80 per cent. It paid $860 million for Wesfarmers’ 40 per cent. This followed Wesfarmers selling
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