Macarthur Coal
Encyclopedia
Macarthur Coal is a mining company based in Queensland
, Australia, which was incorporated in October 1995. The company was founded by Ken Talbot
, who was a former chief executive officer.
It specialises in the production of metallurgical coal
from mines in the Bowen Basin
, specifically low-volatile pulverised injection coal used in steel making; essentially all the coal it produces is exported from Australia.
with an initial target of 1.8 million tonnes of material per year. A fourth mine at Codrilla was selected for development in 2011.
Macarthur Coal is quoted on the Australian Stock Exchange
with ticker code MCC; its major corporate shareholders are CITIC
(22.4%), ArcelorMittal (16.6%) and POSCO
(8.3%).
and Peabody
made offers for Macarthur Coal which were also rejected.
A force majeure
declaration was in place for the five months preceding 28 April 2011, due to the 2010-2011 Queensland floods.
In May 2011, the company announced that it had increased coal reserves estimates by 38% to 2.26 billion tonnes.
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
, Australia, which was incorporated in October 1995. The company was founded by Ken Talbot
Ken Talbot
Ken Talbot was the principal shareholder and former CEO of the Macarthur Coal Ltd mining company. He was the only child of Norman and Nita Talbot...
, who was a former chief executive officer.
It specialises in the production of metallurgical coal
Coal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
from mines in the Bowen Basin
Bowen Basin
The Bowen Basin contains the largest coal reserves in Australia. This major coal producing region contains one of the world's largest deposits of bituminous coal. The Basin contains much of the known Permian coal resources in Queensland including virtually all of the known mineable prime coking coal...
, specifically low-volatile pulverised injection coal used in steel making; essentially all the coal it produces is exported from Australia.
Assets
The company maintains a 73.3% ownership in all its major mine projects. As of 2010 it had open-cast mines at Coppabella, where the first coal was mined in October 1998, and 2.4 million tonnes of coal was produced from 2.9 million tonnes of material mined in 2009, and Moorvale (first coal March 2003, 2.2 million tonnes of coal from 2.9 million tonnes of material), and was opening a third mine at MiddlemountMiddlemount, Queensland
Middlemount is a town in Queensland, Australia, located inland from Mackay and Rockhampton. It is a mining town servicing two coal mines, Foxleigh and German Creek...
with an initial target of 1.8 million tonnes of material per year. A fourth mine at Codrilla was selected for development in 2011.
Macarthur Coal is quoted on the Australian Stock Exchange
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
with ticker code MCC; its major corporate shareholders are CITIC
CITIC
Not to be confused with Citigroup, another large financial services company.Not to be confused with CIT Group, another large financial services company....
(22.4%), ArcelorMittal (16.6%) and POSCO
POSCO
POSCO is a multinational steel-making company headquartered in Pohang, South Korea. It is the world's third-largest steelmaker by market value and the most profitable Asia-based steelmaker....
(8.3%).
History
In the first half of 2010, Macarthur Coal made an offer for Gloucester Coal which was not successful; New HopeNew Hope
-Places:United States*New Hope, Alabama*New Hope, Florida*New Hope, Georgia*New Hope, Illinois*New Hope, Kentucky*New Hope, Minnesota*New Hope, Mississippi*New Hope, North Carolina*New Hope, Ohio*New Hope, Pennsylvania*New Hope, Tennessee...
and Peabody
Peabody
-Places:United States* Peabody, Indiana* Peabody, Kansas** Peabody Downtown Historic District, in Peabody, Kansas* Peabody, Massachusetts* Peabody, Cambridge, Massachusetts, a neighborhood* Peabody River, in New Hampshire-Institutions:...
made offers for Macarthur Coal which were also rejected.
A force majeure
Force majeure
Force majeure or vis major "superior force", also known as cas fortuit or casus fortuitus "chance occurrence, unavoidable accident", is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of...
declaration was in place for the five months preceding 28 April 2011, due to the 2010-2011 Queensland floods.
In May 2011, the company announced that it had increased coal reserves estimates by 38% to 2.26 billion tonnes.