AUSTRALIAN COAL DEAL
Big American Purchase
(N.Z. Press Assn.—Copyright > MELBOURNE, June 20. An American millionaire has achieved a dominating position in the Australian coal industry through a deal clinched in Melbourne. He is Mr Daniel K. Ludwig, who controls the vast D. K. Ludwig shipping group and whose net assets are estimated to be worth more than 350 m dollars. His group has bought, for an undisclosed sum. Conzinc Rio Tinto's coal mines in two areas of New South Wales—the Burragorang valley, southwest of Sydney, and Lithgow, in the central west.
The deal came only four months after the Ludwig group bought for £4}m the New South Wales coal mines owned by Placer Development. Ltd.
The latest purchase will place the Ludwig group in a dominant position as a producer of export coal in Australia, accounting for about three-fifths of the present New South Wales exports of about five million tons a year.
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Press, Volume CIV, Issue 30782, 21 June 1965, Page 13
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153AUSTRALIAN COAL DEAL Press, Volume CIV, Issue 30782, 21 June 1965, Page 13
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