Global coal M&A September 2023: Miners capitalize on record pricing, fueling deal revival Report

Insight 15 September 2023

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

In 2022, the pace of deal-making decelerated as coal miners sought to take advantage of the unprecedented increase in coal prices. A strong balance sheet has motivated coal miners to look for inorganic growth opportunities and business diversification away from coal. Moreover, the miners are increasingly shifting focus towards metallurgical coal. Deal pipeline remain robust with several multi-billion dollars asset up for sale.

Executive summary
Deals pipeline - ESG commitments to drive divestments
- Strategic positioning will drive deal-making in metallurgical coal
Deal Implied price declined undermining the price surge

Tables and charts

This report includes the following images and tables:

Coal industry has degeared from US$8bn net debt to a whopping US$13bn net cash over last 4 years
Net cash position by company
Acquisition spend by region

No of deals by region
Deal-implied long-term benchmark thermal coal prices vs Newcastle export thermal coal price
Deal-implied long-term benchmark metallurgical coal prices v Queensland HCC coal spot price
Deal pipeline value (by region)
Deal pipeline by coal type and region

What's included

This report contains:

global coal ma activity.xlsx

XLSX 622.89 KB
Global_coal_deal_pipeline.xlsx

XLSX 306.87 KB
Global coal M&A September 2023: Miners capitalize on record pricing, fueling deal revival

PDF 1.02 MB