- South32 (OTCPK:SOUHY -1.1%) scuttles a $200M deal to buy Peabody Energy's (BTU +2.5%) Metropolitan coal mine in Australia amid competition concerns about the supply of coal to local steel makers.
- South32, the miner spun out of BHP Billiton in 2015, agreed in November to buy the mine and an associated 17% stake in the Port Kembla Coal Terminal, located south of Sydney.
- BTU says it is "surprised that South32 and [Australian regulators] reached an impasse, given both the physical synergies and the global nature of the metallurgical coal markets... On the other hand, we see continuing opportunities given Metropolitan's quality coking coals and port location."