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HUN’s trading halt continues this morning
Banpu set for friendly takeover of Hunnu Coal - media
September 12 (BusinessSpectator.com.au) Mongolian-focused coal explorer Hunnu Coal (ASX:HUN) is reportedly in the sights of its biggest shareholder Banpu.
Thailand’s top coalminer already owns a 12.4 per cent stake in Hunnu, and according to the AFR, is set to lodge a friendly $375 million offer.
Banpu bought its existing stake in March for $45 million and the miner said at the time that a company like Hunnu was just what it needed to get access to the coal sector in Mongolia, which has extensive coal deposits and is in close proximity to key markets like China and India.
Hunnu has a strong position in thermal and coking coal deposits in South Gobi, Mongolia. It is exploring 10 coal development projects, two of which have combined coal resources of more than 400 million tonnes.
In May, Hunnu bought Rio Tinto Mineral Development’s controlling stake in the Altai Nuurs coking coal project. Hunnu is picking up the 70 per cent stake for $40 million, with a cash payment of $23 million on signing and a further $17 million in deferred payments.
It’s also one of the few miners operating in Mongolia that is relatively close to existing or planned infrastructure in the area.
This will be Banpu's second acquisition in Australia after it bought Centennial Coal for $US1.9 billion last year as part of a regional expansion drive, and the AFR reports that the Hunnu deal is expected to be similarly structured.
Hunnu listed in February, raising $200 million at 20 cents a share, and has since seen its fortunes rise with its shares trading at $1.38 before going into a halt last Friday.
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