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Excel takeover wins Deal of the Year

EXCEL Coal and former managing director Tony Haggarty won Deal of the Year at the National Mining...

Staff Reporter

In October last year, Excel shareholders voted overwhelmingly in favour of Peabody's $US1.5 billion takeover bid, with more than 99% agreeing to the $A9.50 per share offer.

"We are very satisfied that we are getting full value not only for the assets that are operating - but those that are yet to be fully commissioned," Haggerty said at the time.

"We are looking at what the underlying value of the business is in terms of life-of-mine cash flows - our view is that the offer in front of us captures all of the value of existing operations and all of the growth projects that we have going at the moment."

The National Mining Awards were presented at the close of the Excellence in Mining & Exploration Conference yesterday.

The Deal of the Year Award was open for corporate and individual contributions in the re-matching of assets, companies and capital.

Other nominees included Lihir Gold and Fortescue Metals Group.

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