The coal price slump that brought Australian tycoon Nathan Tinkler down last year has also sown the seeds for his comeback, with the former electrician snapping up a closed coal mine from Peabody Energy for next to nothing.Tinkler's Singapore-based firm Bentley Resources agreed to purchase the Wilkie Creek mine from Peabody for $70 million in cash, plus the assumption of $60 million in various obligations and liabilities, in a deal announced on Tuesday.The sale came as a surprise to bankers and analysts, who knew that Peabody had wanted well over $500 million for the mine when it was put on the block two years ago.After failing to attract a buyer, Peabody closed Wilkie Creek in December 2013, blaming weak coal prices, high costs and the impact of Australia's carbon tax, which the current government aims to repeal.
Peabody Energy Corporation (Peabody) is a private-sector coal company. Shares of BTU traded higher by 0.79% or $0.15/share to $19.13. In the past year, the shares have traded as low as $14.34 and as high as $21.85. On average, 7548380 shares of BTU exchange hands on a given day and today's volume is recorded at 4680929.
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