Coal king Matt Latimore’s latest investment may hopefully one day give him a few more bob to invest in his love of fast cars.
The Ferrari-driving Latimore this week announced he was teaming up with Singapore investment group Golden Energy and Resources to buy South32’s Illawarra Metallurgical Coal project in Wollongong for a cool $2.5bn.
Brisbane-based Latimore is a self-described Ferrari fan and owns at least eight of them including an Enzo, F88 70th Anniversary and F430 Scuderia. He also has a Corvette C1 and a Mercedes AMG C63 507. He is also a big believer in metallurgical coal and its future in the shift to renewables. For a decade, Latimore was the general manager of Wesfarmers Curragh Coal as well as holding various roles with Mitsui and Co’s coal operations.
In 2011, he founded M Resources to focus on the marketing and trading of metallurgical coal. He also is a major investor and director of Stanmore Resources, which in 2021 sealed a deal to purchase BHP’s stake in two Queensland coking coal mines for $1.83bn.
Both the South32 deal and the sale last year of BHP’s Queensland coal mines to Whitehaven Coal underscore the fact that metallurgical coal mines are good solid investments, particularly with continuing demand from Asian.
Latimore says at the moment there is no alternative to metallurgical coal in the steel-making process. Indeed, he notes it will play a crucial role in the move to renewables and will be required to make more electric vehicles, wind turbines and solar panel. Latimore sold down his stakes in Stanmore and Bowen Coking Coal in 2022 for more than $50m, enough to drive away 65 top of the range Ferrari SF90s that retail for about $840,009. Nice!
By GLEN NORRIS
