Private equity firm Denham Capital is backing Pembroke Resources as the Sydney-based company seeks to acquire and develop a portfolio of high-quality metallurgical coal assets in the Asia-Pacific region.
“I’ve always been bullish on met coal,” Tudor told ICN.
“It’s up to us to find assets we can add value to – they can be brownfields, greenfields or operating.
“Once we find these assets we can build them up over time without having to report every quarter.”
Tudor said it was possible to run coking coal operations in Australia and still make a good margin.
He would be using his experience and that of his former team at Gloucester Coal to optimise profits from operations, he said.
As chief financial officer and later CEO, Tudor grew Australian Securities Exchange- listed Gloucester Coal into a $1.7 billion market cap company.
He expanded the company through the acquisition of the Middlemount project while also gaining regulatory approval for mining expansions.
In addition, he previously served as managing director of Noble Resources and senior vice president of strategy for the energy coal and carbon complex division of the Noble Group.
Joining Tudor on Pembroke’s management team are other former Gloucester Coal employees including chief operating officer Mark Sheldon and chief financial officer Craig Boyd.
“With Pembroke’s executive team’s proven track record in value creation in the coal industry, we have a unique opportunity to acquire and develop a portfolio of high-quality metallurgical coal assets,” Tudor said.
“We’re delighted to partner with Denham Capital as it shares a common vision and approach.
“In addition to its industry investment expertise, Denham Capital will provide us with an unparalleled competitive advantage through its strategic, operational and financial backing.”
Denham Capital director Bert Koth said: “The work Barry and his team did at Gloucester Coal delivered one of the great success stories in the Australian coal industry.
“We are very excited to back such a proven group as the market’s current weakness provides an ideal opportunity to build a new mid-tier metallurgical coal company.”
