(Bloomberg) -- Czech tycoon Pavel Tykac’s Sev.en Global Investments will back plans by Coronado Global Resources Inc. to expand in metallurgical coal after taking control of the producer.
Sev.en Global will acquire a 51% stake in Brisbane-based Coronado, which operates mines in Australia and the US, from Energy & Minerals Group, the company said Tuesday, without confirming the terms of the deal.
“We will support the company in continuation of its business strategy to grow and strengthen its position both in the US and Australia,” Sev.en Global’s Chief Executive Officer Alan Svoboda said in the statement.
Coronado has expansion options including developments in Queensland, Australia and at Mon Valley in southwest Pennsylvania, the miner said in a July filing.
Sev.en Global holds interests in coal mines and power plants in Australia and the US, including Lexington, Kentucky-based Blackhawk Mining LLC.
The deal is subject to regulatory approvals in the U.S. and Australia, Coronado said Tuesday in a separate statement.
©2023 Bloomberg L.P.