mineral exploration project – commodity prices – mining stock- trade and market

Macarthur Coal Ltd., the world’s largest producer of pulverized coal used by steelmakers, raised its full-year profit forecast as sales increased, bolstering speculation the company may be a takeover target.

Profit, excluding accounting adjustments, may be between A$115 million ($96 million) and A$125 million for the 12 months ended June 30, compared with its earlier forecast of A$103 million to A$113 million, Macarthur said today in a statement.

The Brisbane-based company rose 5.2 percent yesterday after Thailand’s Banpu Pcl agreed to buy the rest of Centennial Coal Co. for...

Centennial Coal has accepted a cash offer with a 40 per cent premium from Thailand’s Banpu, valuing the NSW coal miner at $2.4 billion.

As revealed by The Australian on its website earlier today, Centennial confirmed Banpu — Thailand’s biggest coal producer — has offered $6.20 a share for the 80 per cent of the Hunter Valley thermal coal producer it doesn’t already own.

Banpu said it would finance the deal through cash reserves and new and existing credit facilities. JPMorgan is advising Banpu, with UBS advising Centennial.

Prices for coal shipped from South Africa’s Richards Bay, site of the continent’s biggest export facility for the fuel, rose to a ten-month high on Asian demand and orders before the year-end holidays.

Export prices increased 96 c, or 1,4 percent, to an average of $68,45 a metric ton in the week ended December 11, according to the McCloskey Group.