Stanmore Coal’s Indonesian backers may be buying up Whitehaven

The Werris Creek Whitehaven coal mine. Picture Craig Greenhill

Speculation is mounting that Stanmore Coal’s Indonesian backers could be behind the acquisition of shares in Whitehaven Coal last week from its major shareholder, AMCI.

AMCI is the private equity company of German billionaire Hans Mede. Last year he had about 11 per cent of the Australian-listed Whitehaven. AMCI’s other founder is Fritz Kundrun, which last year had a 12 per cent interest.

However, substantial shareholder notices lodged last week show both have sold down their interests, with Mr Mede no longer a substantial shareholder.

Hedge fund Farallon Capital, which had been Whitehaven’s largest shareholder with 14 per cent, has also been selling out of Whitehaven Coal, with investment bank UBS divesting the stock.

Whitehaven Coal last month said it was negotiating with lenders to stave off any debt covenant breaches at a time of a falling prices for its commodity as banks shy away from the sector.

There are suggestions in the market that those with close ties to Stanmore Coal’s major shareholder, Golden Energy and Resources, may have bought up the stock.

The listed Stanmore Coal owns the Isaac Downs metallurgical coal mine in Queensland. It is more than 75 per cent owned by Golden Energy and Resources, according to Bloomberg data.

Golden Energy and Resources is backed by billionaire Indonesian businessman Fuganto Widjaja.

Indonesia mainly produces thermal coal rather than the metallurgical coal used for producing steel, which may be a motivation for closing in on Whitehaven.

AMCI is an owner of Queensland-based metallurgical coal miner Fitzroy Australia Resources, which like most coal miners may be under pressure.