High returns lure wealthy investors to fund coal as banks exit
Wealthy Australians are emerging as an important pool of capital for financing coal projects shunned by banks.
Australian miner South32 Ltd on Thursday reported a 37% fall in its third-quarter coking coal production compared to the previous quarter.
Production of coking coal or metallurgical coal, a key steel-making ingredient, fell to 990 kilo tonnes during the March quarter from 1.6 million tonnes in the second quarter, but beat a Goldman Sachs estimate of 784 kilo tonnes by a large margin.
(Reporting by Rashmi Ashok and Shreya Mariam Job in Bengaluru Editing by Leslie Adler)
