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Report: EMR Capital looking to reduce exposure to UK coal asset

EMR Capital is said to be marketing its hard coking coal asset West Cumbria Mining Ltd in the U.K. to potential investors, The Australian Financial Review's Street Talk blog wrote May 28.

The private equity firm would consider equity and debt financing options as it looks to advance the asset into production in the near term. According to the report, EMR holds a 70% stake in West Cumbria.

Advisory firm RFC Ambrian is reportedly overseeing the transaction.

West Cumbria holds a series of licenses covering a collective area of approximately 200 square kilometers off the coast at Whitehaven, according to the company's website. The area is believed to host over 750 million tonnes of steel-making coal resources.

The company is targeting to develop a mine with a capacity to produce between 2 million and 3 million tonnes hard metallurgical coal per annum.

In late March, EMR and Indonesia's PT Adaro Energy Tbk. struck a deal to acquire Rio Tinto's 80% stake in the Kestrel thermal and metallurgical coal mine in Queensland, Australia, for US$2.25 billion.