Coal Exporter Macarthur Coal To Purchase Offer Gloucester Coal

Largest coal exporter in the world, Macarthur Coal Ltd. plans to buy a coal mining company to expand the exploration of coal mines operating in Australia. Mining companies to be bought by Macarthur Coal is the Gloucester Coal.

Macarthur Coal expects the purchase of Gloucester will provide the production control of coal mines for power generation so as to restore the $ 72 million profit in fiscal year 2009. Macquarie Group Ltd. last week raised the estimated annual contract prices for coal for power generation by 21 percent to $ 85 per metric ton.

Macarthur Coal operates two mines in Queensland state. Companies, which pulverized coal is used to make steel, sold A $ 252 million new shares in June to help finance the expansion, including the development of my Middlemount.

Macarthur Coal, 16.6 percent owned by ArcelorMittal, in October reported 22 percent gain in first quarter sales after demand from steel makers rebound. The factories in China, Japan, Europe and the United States restart the furnace to meet the demand for steel used in cars, construction and washing machines.