Its primary focus is production at the Coppabella and Moorvale coal mines located near Moranbah in Queensland’s Bowen Basin, which together provide approximately 47% of the PCI coal exported from Australia.
Today, MCC rejected a revised $16.00 a share offer from Peabody Energy and Arcelor Mittal.
The new bid, which values MCC at $4.84 billion, trumps the previous offer of $4.73 billion.
However, MCC knocked back the bid, saying instead it was prepared to accept an offer of $5.68 billion ($18 a share) once the two suitors acquired over 90% of the company.
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