Northern Energy Co

  • Northern Energy: an ASX-listed coal explorer and developer with projects in Queensland and Northern NSW.
  • Kevin Maloney on the board from May 2007. • Pure play coal company focused on highly prospective coal regions
  • Large resource base with high-quality coking, thermal and PCI coal.
  • One of the few Australian junior coal miners with marketable reserves.
  • Existing access to export infrastructure, well positioned for capacity growth.
  • Staged growth platform and near-term production.
  • Targeting 7Mtpa of producing assets by 2015, with further growth opportunities beyond.
  • Positioned to benefit from strong global coal sector fundamentals and continued export market growth.
  • Taken over by New Hope Corporation in February 2011, valuing company equity at A$238 million.
  • Tulla Resources invested A$4.7 million between 2007 and 2009 for 5.8% of the company.
  • Tulla Resources sold its A$13.8 million stake to New Hope as part of the takeover.
  • The exit in 2011 via the takeover by New Hope yielded 3.0x on the initial investment.
  • Achieved an IRR of 32.7%.