coking coal

Macarthur Coal (ASX:MCC) has passed on Peabody-Arcelor's joint $4.9 billion or $16 per share bid to shareholders after failing to find a better offer. The move is taken to mean that the coal miner is not expecting a higher bid, good news for US-based Peabody, who has been eyeing Macarthur for more than a year.

Peabody-Arcelor has pushed out Anglo American, previously seen as the most likely rival to PEAM Coal.

In an initial study released yesterday, Aquila Resources (ASX:AQA) said its planned Eagle Downs coking coal project with Brazil-based Vale SA can cost $1.2 billion.

Mining giant BHP Billiton’s (BHP) campaign to come out of the annual coking coal pricing is picking up its pace as the coal indexes are being set up for the first time. In addition to this, Teck resources, the second largest exporter of the world is going to join the campaign against benchmark pricing. Data provider Platts is currently looking forward to reveal a daily cash price which is believed to be targeting a start-up during mid-March.