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Global coal corporate activity - A review of 2013 and outlook for 2014

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Report summary

Announced coal transaction spend increased 10% in 2013 to US$8.6 billion after a stronger second half that accounted for 80% of the total. The recovery however is still fragile had it not been for two deals in excess of a billion dollars in the United States and Australia deal spend would have halved. The continued fall in thermal and metallurgical coal prices weighed on confidence to undertake deals. The number of deals announced however increased significantly.

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Table of contents

  • Executive Summary
  • Global spending up 10% in 2013, smaller deals in focus
  • Thermal coal operating asset sales dominate, project acquisition spend at five year low
    • Share of disclosed acquisition spend by buyer location
  • Strategic/end-user buyer activity spend at five-year low, however activity increases
  • Price discounts for the taking, if you can secure a deal
    • Implied long-term (adjusted) coal price (deal by deal) vs. Newcastle export thermal coal spot price
    • Implied long-term (adjusted) coal price (deal by deal) vs. Coking Coal Queensland Index (CCQ) and Argus
    • Non-core asset sales still in focus
    • Buyers will remain hard to find
    • Currency movements, cost cutting create regional opportunities

Tables and charts

This report includes 18 images and tables including:

Images

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  • Disclosed acquisition spend by deal by target region
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