Australia Coal Miners Woo Private Capital as Banks Get Leery
- Whitehaven, Golden Energy are among firms calling lenders
- Banks face lending obstacles for the industry amid ESG metrics
A dredger at a coal pit in Hazelwood, Australia.
Photographer: Carla Gottgens/BloombergAustralian coal producers are increasingly dabbling in high-interest private loans as lenders look to replace reluctant banks that are held back by ESG concerns.
Sydney-based coal miner Whitehaven Coal Ltd.’s deal last month to secure a $1.1 billion loan for buying two mines attracted 17 private credit lenders and only one bank. A consortium led by Golden Energy and Resources Pte Ltd. also is sounding out private credit funds, as well as banks, to secure financing for its $1.65 billion acquisition of a coal mine in Australia, according to people familiar with the matter.