Realised Investments

CurrawongCoal logo

Currawong Coal is an unincorporated joint venture between Cliffs Australia Coal Pty Ltd (a subsidiary of Cliffs Natural Resources) and Conarco Minerals Pty Ltd. Currawong was established to carry out exploration, appraisal and development activities within highly prospective coal regions in Queensland.

In December 2012, the joint venture sold its portfolio of 16 coal exploration leases to ASX-listed Fox Resources Limited (ASX: FXR).


In August 2009, XLX acquired a substantial stake in unlisted Macquarie Energy, the owner of seven petroleum exploration licences in NSW covering 24,000 square kilometres.

Together with Arrow Energy Ltd, XLX was instrumental in the re-structuring and IPO of Macquarie Energy as Apollo Gas Ltd (ASX:AZO) in December 2009. On IPO, Apollo had a market cap of $40 million. XLX retained a substantial stake and had board representation in the company.

XLX exited its investment after Apollo Gas was acquired by Dart Energy Ltd in December 2010 for $145 million (100% basis).


Andy Plummer, Allan Davies and Tony Haggarty were co-founders of Excel Coal Limited. Excel owned a suite of thermal and metallurgical coal mines and was listed on the ASX in 2004 (ASX:.EXL).

The directors of XLX owned approximately 19% of Excel when it was acquired by Peabody Energy in 2006 for $1.83 billion.