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Denham Capital launches Australian mining company with $200m investment

7 May 2014

Resources and energy-focused global private equity firm Denham Capital has invested $200m in Pembroke Resources, a newly-formed mining company based in Sydney.

Pembroke will look to acquire and develop a portfolio of high-quality metallurgical coal assets in the Asia-Pacific region, the firm saud.

Pembroke Resources is led by CEO and managing director Barry Tudor. He was previously CFO and later CEO of Australian Securities Exchange-listed Gloucester Coal. He previously served as managing director of Noble Resources and senior vice president – strategy for the energy, coal and carbon complex division of the Noble Group.

“With Pembroke’s executive team’s proven track record in value creation in the coal industry, we have a unique opportunity to acquire and develop a portfolio of high quality metallurgical coal assets,” said Tudor.

Joining Tudor on Pembroke’s management team are other former Gloucester Coal employees including COO Mark Sheldon and CFO Craig Boyd.

“The work Barry and his team did at Gloucester Coal delivered one of the great success stories in the Australian coal industry,“ added Bert Koth, director at Denham Capital and head of the Australasian region based in Perth. “We are very excited to back such a proven group as the market’s current weakness provides an ideal opportunity to build a new mid-tier metallurgical coal company.”

Denham Capital has more than $7.9bn of invested and committed capital across seven fund vehicles and offices in Perth, London, Boston, Houston and São Paulo.

Last year, the firm shifted the headquarters of its power & renewables team to London to expand its pursuit of deals in emerging markets.

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