NRI Management Group LLC (“NRI”) and affiliates of Apollo Global Management,
LLC APO (collectively with its subsidiaries “Apollo”), today announced
that they have formed a partnership to invest in mining properties throughout
the world, with a primary focus on coal. The strategic partnership, backed by
an equity commitment of $300 million from funds affiliated with Apollo, will
focus on mining and related opportunities in established regions throughout
the world.
NRI will focus primarily on coal mining and related assets, as the demand for
metallurgical coal continues to rapidly increase throughout the world. Demand
for thermal coal is also expanding as the worldwide need for electricity,
particularly in developing economies, is expected to increase by 70% by 2035
according to the IEA. NRI is targeting the acquisition and development of
mining assets in the Americas and throughout the world, with a focus on those
assets that offer strong export opportunities and participate in international
seaborne trade. NRI's emphasis is on both mining development opportunities and
operating properties where its team can leverage its expertise to accelerate
growth and create long-term value.
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