Australian coking coal miner gets private loan from RRJ Capital
Australian coking coal miner Tahmoor Coal has secured a $140-million private-credit loan from RRJ Capital to restart its operations.
The five-year senior secured facility has been signed but not yet funded, according to people familiar with the matter, who asked not to be identified discussing private information. Grant Samuel arranged the loan, the people said.
There was no immediate reply to emails and voice messages seeking comment from Tahmoor Coal. RRJ Capital and Grant Samuel declined to comment.
The deal points to a bigger role for private credit in funding coal and other fossil fuel projects as banks pull back from the sector under environmental, social and governance policies. That shift could open more opportunities for private lenders to fill the financing gap, illustrated by Sydney-based Whitehaven Coal's $1.1-billion acquisition loan in 2024, which drew 17 private credit lenders and just one bank.
RRJ Capital was founded by a ex-Goldman Sachs banker Richard Ong, who runs it with his brother Charles Ong, previously chief investment officer and chief strategy officer at Singapore State-owned investor Temasek Holdings.
A consortium of Indonesia’s Widjaja family-controlled Golden Energy and Resources and Australian miner M Resources acquired Tahmoor Coal following a court-ordered liquidation process, according to a June release. The consortium’s acquisition paved the way for the restart of the mine and its continued operation.
Previous owner GFG Alliance purchased the Tahmoor coal mine from Glencore in 2018.
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