Not sure if this is the bottom for coal stocks, but a cash bid for Carabella Resources (ASX: CLR) has pushed it up by 122%. A Chinese group that already holds an 11% stake in the company has offered a cash bid of $0.42 a share. Coal has been amongst the most unloved of commodities over recent years, so it's not surprising that a large private Chinese group has spotted value.
I have been a senior resources analyst following the fortunes of the mining and energy sectors for the past 25 years - previously working with stockbroker Intersuisse and financial group Fat Prophets. I am also Executive Director, Mining & Metals...
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This is definitely an interesting move Gavin. I haven't had a look at who the bidder is but an all cash offer definitely points to an opportunistic buyer. CLR was a market darling back in 2011 but has fallen deeply below the radar for the past few years.