U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The office has long been a breeding ground for budding romances. But actively going into business with your other half is another thing entirely.Successread more
Salesforce released its first earnings report since its $15.3 billion acquisition of Tableau Software, the company's largest deal ever.Technologyread more
Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.Politicsread more
VMware is following through on its proposal to buy Pivotal, a fellow Dell subsidiary, and expanding into cybersecurity with the acquisition of Carbon Black.Technologyread more
Google says it shut down hundreds of YouTube channels tied to misinformation around the Hong Kong protests.Technologyread more
It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
U.S.-based Coronado Global Resources launched what is set to be Australia's biggest coal mining float in six years with an IPO that seeks to raise up to A$1.3 billion ($946.1 million) and capitalize on Asian demand for the steelmaking commodity.
Coronado, which is backed by U.S. private-equity firm Energy and Minerals Group in a statement on Monday said it filed a prospectus for the IPO that will be priced at between A$4.00 and A$4.80 per share.
The IPO will give the company an enterprise value of up to A$4.4 billion, making it the biggest coal mining float in Australia since Yancoal Australia listed in 2012 at the peak of the country's mining boom.
"Demand from Asia for met coal, particularly from emerging economies, is expected to be strong and Coronado will be a key supplier to this growth market," Coronado Chairman Greg Martin said in the statement, referring to coal used for steelmaking, also called metallurgical coal.
Connecticut-based Coronado mainly produces metallurgical coal with annual output of 8.2 million tonnes from three U.S. mines and 8.5 million tonnes from the Curragh mine in Australia, which it bought from Wesfarmers in December for A$700 million.
That makes it one of the biggest metallurgical coal producers outside the big diversified miners, competing with U.S. firm Warrior Met Coal.
It also produces 3.5 million tonnes a year of steaming coal, used for energy generation, at Curragh which it sells to the Queensland state government's power producer Stanwell Corp.
Metallurgical coal prices are back where they were at the start of the year at around $195 a tonne, having jumped by 20 percent from the start of August when they plumbed a nine-month low.
Research firm Wood Mackenzie expects metallurgical coal prices to decline in coming years due to new coal supply and lower Chinese demand.
"Its going to be a tough sell," said a Melbourne-based fund manager referring to Coronado's IPO, adding the price guidance meant the company was about 20 percent cheaper on a price-to-earnings ratio basis than Whitehaven Coal.
"It doesnt have the growth of Whitehaven but its met coal which makes it probably a bit more investable in my mind, he said, asking not to be identified because of his company's media policy.
EMG, which owns 98.7 percent of Coronado now, will own 69 percent of the firm after the IPO. It will retain the stake until at least February 2020, when the shares will be released from escrow, Coronado said.
The proceeds will be used to repay debt and will help the private equity firm realise part of its investments, it said.
"The assets that we have are ready, the size of the company is significant, the operating profile is stable," Coronado's Chief Executive Gerry Spindler said in a telephone interview.
"All of the stars have aligned and we believe the timing is right," Spindler said.
Coronado expects to post a slight drop in net earnings to $277.2 million for the year ending December 31 2018, as expenses are forecast to offset sales.
Earnings will then increase to $384 million in fiscal 2019, driven by lower costs and higher expected production and sales volumes, the company said.
The IPO opens on Oct. 2 with shares set to be priced around Oct. 19. Trading is then expected to start on Oct. 23, according to the company.