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Dear Subscriber, |
November 25, 2008 | |
Soros and other funds buy major coal equities at fire sale prices
Tanking coal mining shares prices have attracted serious interest during the third quarter from some of the country's foremost investors and fund.
Author: Dorothy Kosich Posted: Tuesday , 25 Nov 2008
RENO, NV -
�ber investor George Soros bought a 2% stake or 2.9 million shares of Arch Coal, the nation's second largest coal producer, during the third quarter, as Citadel Investment Group and Invesco Ltd. snapped up 3.5 million shares of Peabody Coal, the biggest U.S. coal miner.
SEC third-quarter 2008 filings show Soros also bought 833,658 shares of another U.S. coal miner, Consol Energy, as well as purchase another 490,000 shares of Brazilian iron ore mega-miner CVRD (Vale).
Meanwhile Chicago-based hedge fund Citadel bought 1,688,088 shares of Peabody Energy as New York's Invesco Ltd. made a dozen purchases of Peabody stock, totaling in excess of 3.5 million shares. SEC filings show that Invesco also has holdings of more than 1.5 million shares of Teck, as well as shares in Canadian gold miner Agnico Eagle.
As shares of coal mining companies have dropped along with the rest of commodities, investors have embarked on snapping up coal equities at fire sale prices. For instance Bloomberg reported that T. Rowe has bought Peabody, Arch, Consol Energy and Indonesia's PT Bumi Resources.
Daniel Rice--manager of BlackRock Advisors Inc.'s Global Resources Fund, which is also among the largest holders of Peabody and Arch-told Bloomberg Monday, "Coal is the best commodity to get into right now. It's a lot less sensitive to downturns because it is needed for basic power generation, and demand is growing."
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Dear Subscriber, |
November 25, 2008 | |
Soros and other funds buy major coal equities at fire sale prices
Tanking coal mining shares prices have attracted serious interest during the third quarter from some of the country's foremost investors and fund.
Author: Dorothy Kosich Posted: Tuesday , 25 Nov 2008
RENO, NV -
�ber investor George Soros bought a 2% stake or 2.9 million shares of Arch Coal, the nation's second largest coal producer, during the third quarter, as Citadel Investment Group and Invesco Ltd. snapped up 3.5 million shares of Peabody Coal, the biggest U.S. coal miner.
SEC third-quarter 2008 filings show Soros also bought 833,658 shares of another U.S. coal miner, Consol Energy, as well as purchase another 490,000 shares of Brazilian iron ore mega-miner CVRD (Vale).
Meanwhile Chicago-based hedge fund Citadel bought 1,688,088 shares of Peabody Energy as New York's Invesco Ltd. made a dozen purchases of Peabody stock, totaling in excess of 3.5 million shares. SEC filings show that Invesco also has holdings of more than 1.5 million shares of Teck, as well as shares in Canadian gold miner Agnico Eagle.
As shares of coal mining companies have dropped along with the rest of commodities, investors have embarked on snapping up coal equities at fire sale prices. For instance Bloomberg reported that T. Rowe has bought Peabody, Arch, Consol Energy and Indonesia's PT Bumi Resources.
Daniel Rice--manager of BlackRock Advisors Inc.'s Global Resources Fund, which is also among the largest holders of Peabody and Arch-told Bloomberg Monday, "Coal is the best commodity to get into right now. It's a lot less sensitive to downturns because it is needed for basic power generation, and demand is growing."
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