It almost requires specialist mining equipment to get to the bottom of BHP’s latest deal, says AntonyMCurrie
That will take years, however. Even so, not all coking coal is created equal. BHP boss Mike Henry is keeping the better-quality stuff, while selling only the lower-grade rock to Stanmore.
And funding was hardly a doddle. No banks are involved, leaving Stanmore to lean on hedge funds and private equity firms – Varde Partners, Canyon Capital and Farallon Capital – to lend it $625 million. And Stanmore’s 75% owner, Singapore-based Golden Energy and Resources
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