Korean bid for Whitehaven Coal

Korea Resources has submitted a bid for Australian mining group Whitehaven Coal which has a market value of almost $3.6 billion.

The state-backed Korean minerals explorer’s spokesman Kang Shin Young confirmed the joint bid with Daewoo International, also based in Korea, yesterday.

Neither company would provide information on the value of their bid.

The deadline for bids for Whitehaven is April, after it put itself on the market late last year.

The three companies – Korea Resources, Daewoo International and Whitehaven Coal –  are already joint partners in the Narrabri North mine in New South Wales.

Yesterday Whitehaven shares were at their highest level in over three years, up 2 per cent to  $7.24.
Other suspected bidders from the world’s biggest coal importers – China – include Yanzhou Coal and Shenhua Energy, but Whitehaven managing director Tony Haggarty would not comment on which other companies have lodged bids.

Image: Tony Haggarty, whitehaven.net.au

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