Denham Capital invests $200m in Asia coal play

Pembroke is led by former Gloucester Coal CEO Barry Tudor who is joined by Mark Sheldon and Craig Boyd, who also worked at the Australian Securities Exchange-listed resources firm as COO and CFO, respectively.

The team - which guided Gloucester's through the acquisition of the Middlemount Project in Australia from Macarthur Coal in 2010 - is targeting small but potentially highly profitable projects that are undeveloped, under construction or producing. This comes at a time when small miners are struggling to raise capital on the market.

"The work Barry and his team did at Gloucester Coal delivered one of the great success stories in the Australian coal industry," said Bert Koth, director at Denham Capital in Perth, in a statement. "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."

Denham Capital has more than $7.9 billion in asset under management across seven fund vehicles and offices in Perth, London, Boston, Houston and Sao Paulo. The firm makes direct investments in the energy and resources sectors, including businesses involving mining, power generation and oil and gas, across the globe and all stages of the corporate lifecycle.

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• Topics
• Industrials
• Australasia
• Expansion
• resources
• Australia
• Denham Capital
• Growth capital
• Commodities