The share price of coal miner Coronado Global Resources tumbled on Monday on news that the company had discontinued discussions with energy major Peabody Energy Corporation.
Coronado last month confirmed merger talks with the US major, but said at the time that no agreement had been reached.
The coal miner said that its decision to discontinue combination talks with Peabody would not impact the company’s fourth quarter plans, and that the company would continue pursuing and implementing its existing capital management plans and remained focused on existing capital investments and its long-term development strategy.
Coronado in May this year also engaged in merger talks with NYSE-listed Arch Resources, a metallurgical coal miner operating four mines in the US, however, these discussions did not amount to a transaction.
Coronado owns the Curragh mine complex, in Queensland, as well as two operating and one idled mine in Virginia and West Virginia.
Coronado shares were trading at A$2.14 a share on Monday morning, down 12.9c a share from previous trade.