Solaris exits Canada for Switzerland with new CEO, board and spin-out plans
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
Peabody Energy (NYSE: BTU) on Thursday announced that it has acquired a 5.1 percent equity interest in Winsway Coking Coal Holdings Ltd. in a series of purchases of Winsway’s shares on the Hong Kong Stock Exchange. The move further strengthens the strategic partnership between the two companies.
Peabody and Winsway currently operate a joint venture in Mongolia that holds coal and uranium licenses in Mongolia and is conducting an active exploration program in the South Gobi region and throughout the country. In addition, Peabody and Winsway have recently entered into a non-binding memorandum of understanding to establish a joint venture to market coal in China and the Asia-Pacific region. Deutsche Bank served as broker on the purchases.
Winsway is one of the leading suppliers of imported coking coal in China and the largest supplier of Mongolian coal into China. It distributes and transports coal from Mongolia and other countries into China through its integrated service platform, which includes logistics parks, coal washing plants, and road and railway transportation capabilities along the coast, rivers and inland borders of China, including Inner Mongolia.
Mongolia is the largest and fastest-growing exporter of metallurgical coal to China.
Peabody Energy is the world’s largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly $7 billion in revenues, Peabody Energy fuels 10 percent of U.S. power and 2 percent of worldwide electricity.
