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Winsway, which is also referred to as Winsway Coking Coal Holdings, is a Hong Kong stock exchange listed company specialises in importing Mongolian coking coal into China for use in the steel industry.[1]
Joint Venture with Peabody
In January 2009 Peabody Energy announced that it had "obtained an option to purchase up to a 50 percent interest in a joint venture holding Polo Resources Limited's coal and mineral interests in Mongolia." Polo's Polo's Mongolian coal interests, Peabody stated, "have potential resources of over 1 billion tonnes, with a majority of its coal licenses located in the South Gobi coal region." Peabody's Chairman and Chief Executive Officer Gregory H. Boyce stated in a media release that "a joint venture with Polo's existing platform will accelerate the development of Peabody's presence in one of the world's premier undeveloped coal regions."[2] Two months later Peabody announced that in return for $25.8 million Polo had entered into a renegotiated agreement for a 50:50 joint venture. Peabody also softened its claims about Polo's potential coal resources by claiming only that their tenements "could include up to 1 billion tonnes of potential resources, subject to exploratory drilling."[3]
In 2010 Polo's share in the joint venture was bought by Winsway Coking Coal Holdings Ltd. (Winsway) and the joint venture re-named the Peabody-Winsway Resources B.V.. In its 2010 annual report Peabody stated that the joint venture "is in the development stage and plans to ship metallurgical and thermal coal to Asian markets once developed." Winsway, it stated, "is one of the leading suppliers in China of imported high-quality coking coal. It distributes and transports coal from Mongolia and other countries into China through its integrated service platform which includes logistics parks, coal washing plants, and road and railway transportation capabilities along the coast, rivers and inland borders of China, including Inner Mongolia."[4]
2011: Peabody buys 5% stake
On Dec. 7, 2011, Peabody said it bought a 5.1 percent stake in Winsway. Financial terms for the stake were not disclosed. Winsway is a major importer of coking coal for China's steel industry and is a top supplier of Mongolian coal into China. Peabody operates a coal and uranium joint venture with Winsway in Mongolia. The two companies also recently reached a tentative deal to establish a joint venture to market coal in China and the Asia-Pacific region. Peabody also bought Australia's Macarthur Coal, a major producer of pulverized coal used by steel producers, for $5 billion. Peabody plans to further expand Australia operations that send coal to customers in China, India and elsewhere in Asia.[5]
Contact details
Website: http://www.winsway.com/html/about_profile.php
Articles and Resources
Sources
- ↑ Winsway Coking Coal Holdings, "Company profile", Winsway Coking Coal Holdings website, accessed July 2011.
- ↑ "Peabody Energy Announces Option to Acquire Coal Interests in Mongolia", Media Release, January 27, 2009.
- ↑ Peabody Energy, "Peabody Energy Enters Into Agreement to Create Peabody-Polo Resources Joint Venture in Mongolia", Media Release, March 31, 2009.
- ↑ "Energizing the world: 2010 Annual Report", Peabody Energy, March 2011, page 6. (Pdf)
- ↑ "Peabody buys stake in Chinese coal importer" CBS, Dec. 7, 2011.
