Macarthur Coal News
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Liquidators acting for Blackwood Corp. applied to freeze the assets of former Australian mining billionaire Nathan Tinkler, including his stake in coal producer Whitehaven Coal Ltd.
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Nathan Tinkler, the former Australian billionaire who is being sued by creditors over unpaid bills, has put his seven-bedroom Queensland mansion up for sale.
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Nathan Tinkler was accused in a lawsuit of insolvent trading after the former mining billionaire failed to complete a share purchase in Blackwood Corp.
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Peabody Energy Corp.’s takeover of Macarthur Coal Ltd. is proving the biggest wave of coal-mining acquisitions is also becoming the most costly for shareholders.
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Peabody Energy Corp. is leaving the door open for a rival bidder to step in for Macarthur Coal Ltd. by offering less for the Australian mining company than it did last year, even as profit is projected to double.
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Nathan Tinkler, the former Australian mining billionaire under pressure from creditors, said he’s living on an allowance he gets from his wife who controls a A$1.4 billion ($1.5 billion) family trust.
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Former billionaire miner Nathan Tinkler told a Sydney court that commodity trader Noble Group Ltd. was to blame for the collapse of his planned share investment last year in Blackwood Corp.
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ArcelorMittal, the world’s largest steelmaker, and Peabody Energy Corp. agreed to buy Macarthur Coal Ltd. after sweetening their bid, valuing the Australian producer at A$4.8 billion ($5.2 billion).
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Macarthur Coal Ltd. , Whitehaven Coal Ltd. and Aquila Resources Ltd. may be Australian takeover targets for overseas suitors using cheap debt fueled by record- low U.S. interest rates, said Southern Cross Equities Ltd.
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Macarthur Coal Ltd. said it expects full-year net profit after tax to be in the range of A$103 million to A$113 million.
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