Published On: Fri, Jul 31st, 2015

Three Years Ago This Coal Mine Was Worth $624 Million. Now It Sold for $1

Mine sold for 1 dolar

Sumitomo Corporation, the Japanese conglomerate, thought it had spotted a bargain.

It was late 2011 – the height of Australia’s mining boom – when the Tokyo-based trading house approached Tony Poli, the founder of mid-tier miner Aquila Resources with an offer.

Mr Poli initially assumed their interest lay in its Washpool coking coal project. But it soon became apparent it was Isaac Plains, at the time Aquila’s only producing mine, that was in its sights…

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 Sydney Morning Herald‎, by Perry Williams

 

 

 

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