Private Equity Pours Into Coal as Battery Metals Are Spurned
- Spending on coal also outstripped base metals and gold: BCLP
- Firm sees resurgence of gold and copper deals this year
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Private equity deals in the mining industry poured more money into coal last year than traditional favorites such as copper, gold and battery materials combined.
The jump in coal money shows that however dirty and unloved it may be, the fuel remains a cash cow. While prices for base metals from copper to zinc sank in the last year and even cobalt and lithium took a tumble, coal held its ground, supported by strong demand from China. As some miners divested coal assets, private equity took the chance to snap them up.