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Denham bets on coking coal and Tudor

by Charles Macdonald created May 08, 2014 09:23 AM

In a massive vote of confidence in the outlook for coking coal, private equity fund Denham Capital is sinking up to US$200m into Pembroke Resources in the hope that the coal junior’s CEO Barry Tudor can repeat his former success at Gloucester Coal.

Denham bets on coking coal and Tudor

Barry Tudor, CEO and managing director of Pembroke Resources, grew Glocester Coal from a US$500m to a US$1.7bn market cap company.

Denham Capital, a leading resources and energy-focused global private equity firm, announced the backing of Pembroke Resources with an equity commitment of up to US$200 million.

Pembroke will be based in Sydney and will look to acquire and develop a portfolio of high-quality metallurgical coal assets in the Asia-Pacific region.

The CEO and managing director of Pembroke Resources is Barry Tudor, who has had a long career in the coal industry. As CEO, he grew ASX- listed Gloucester Coal from a US$500m to US$1.7 billion market cap company.

Tudor expanded Gloucester through the acquisition of the Middlemount Project while also gaining regulatory approval for mining expansions.

In addition, he previously served as managing director of Noble Resources and senior vice president – strategy for the energy coal and carbon complex division of the Noble Group.

“With Pembroke’s executive team’s proven track record in value creation in the coal industry, we have a unique opportunity to acquire and develop a portfolio of high quality metallurgical coal assets,” said Tudor. “We’re delighted to partner with Denham Capital as it shares a common vision and approach. In addition to its industry investment expertise, Denham Capital will provide us with an unparalleled competitive advantage through its strategic, operational and financial backing.”

Joining Tudor on Pembroke’s management team are other former Gloucester Coal employees including chief operating officer Mark Sheldon and CFO Craig Boyd.

“The work Barry and his team did at Gloucester Coal delivered one of the great success stories in the Australian coal industry,” added Bert Koth, director at Denham Capital and head of the Australasian region based in Perth. “We are very excited to back such a proven group as the market’s current weakness provides an ideal opportunity to build a new mid-tier metallurgical coal company.”

Barry Tudor has a financial background. He holds a Bachelor of Economics degree from Macquarie University and a Master of Business Administration degree from MGSM. He is a Chartered Accountant and a Member of the Institute of Company Directors in Australia.

Pembroke’s exploration director is Attila Kovago who has extensive experience as an exploration geologist in Australia, Indonesia, and Mongolia. He is currently based in Kalimantan.

Over the past 30 years, Kovago has worked for a wide variety of leading coal companies including South Gobi (Ivanhoe), PT Kaltim Prima Coal (KPC), Macarthur Coal, Peabody and Rio Tinto.

Denham is invested in the following metals and mining companies:

  • Mining Ventures Brasil is engaged in the identification and exploration of highly prospective mining areas in Brazil.
  • Pangea Exploration targets resources throughout Africa and is engaged in the acquisition of mining assets across all stages of the project life cycle.
  • Santiago Metals targets mining and exploration projects in Chile.
  • Stellar Mining targets mining and exploration projects in Peru.
  • Trans-Tasman Resources explores and develops deposits of iron sands off the North Island of New Zealand.
  • Trinity Coal is a coal producer in the Central Appalachian coal basin, operating a variety of surface and underground mines in southern West Virginia and eastern Kentucky.
  • Upper Wilgat owns and operates coal mines and ancillary facilities in Northern Appalachia and the Illinois Basin.

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