Banpu means business at Centennial

IT will be “business as usual” at Centennial Coal after Thai energy giant Banpu moved to compulsory acquisition of one of Australia’s few remaining independent coal producers and completed its $A2 billion takeover.
Banpu means business at Centennial Banpu means business at Centennial Banpu means business at Centennial Banpu means business at Centennial Banpu means business at Centennial

Courtesy Centennial Coal.

Lou Caruana

A spokesperson for Centennial told ILN there are no expected changes to mining at the company, which holds most of its assets in New South Wales and is a major supplier to coal fired power stations in the state .

“As far as the mining and marketing I’m told that is absolutely the case, and head office is now waiting for some direction around any possible changes to corporate administration,” he said.

Now that the acquisition is complete, Centennial will be delisted from the Australian Securities Exchange.

S&P Indices will remove Centennial from its S&P-ASX indices.

Riversdale Mining will replace Centennial in the ASX 100, Sandfire Resources will replace Centennial in the ASX 200, and Resolute Mining will replace the company in the All Australian 200.

The $2 billion takeover of Centennial leaves Australia with a handful of independent coal producers.

Northern Energy Corporation’s board this week unanimously rejected New Hope’s recent $193 million cash takeover offer at $1.50 per share – a 43% premium to the previous day’s trading price.

The NEC board found the offer undervalued the company as its Maryborough and Elimatta projects in Queensland were “high-quality growth assets with significant further value to be unlocked”

Northern Energy is on track to start production from its 500,000 tonnes per annum Colton hard coking coal project in Queensland in 2012.

Whitehaven Coal is widely tipped to be the next takeover target.

Cockatoo Coal is a very minor producer, but could get on the radar in a few years as it embarks upon plans to expand the Baralaba mine.

Explorer Bandanna Energy also plans to become a producer within the next four years.