Coal miner CRN tested 7-month highs yesterday following the news on Tuesday that private equity firm Energy and Minerals Group (EMG) sold its 51% stake to Czech-based Sev.en Global Investments, which is looking to expand its Australian footprint towards our “unloved assets”. The acquisition requires regulatory approval at home and in the US, but either way, it’s a vote of confidence that steelmakers will drive the global demand for met coal for longer than many believe and hope – our view at MM.
- We like the risk/reward towards CRN, although its clearly now become a “situation play”.
MM likes CRN and the coal sector into 2024
Add To Hit List
