Another private equity group has increased its exposure to Australian coal, with Denham Capital one of the groups involved in the purchase of coal tenements sold by Peabody Energy overnight. 
Peabody sold the tenements in Queensland's Bowen Basin to little-known Pembroke Resources, which was only registered as a company in   April 2014.
But it is understood that Denham is behind Pembroke, and the move comes after fellow resources-focused fund manager Taurus Funds Management bought Anglo American's Foxleigh coal mine last month.
The coking coal tenements were sold for $104 million and include royalty streams. Some of the tenements were previously held by Macarthur Coal, which was acquired by Peabody for close to $US5 billion in 2012.
Several former Macarthur Coal workers are working for Pembroke, including exploration director Attila Kovago. Pembroke is led by former Gloucester Coal managing director Barry Tudor.
It was under Tudor's leadership that Gloucester Coal was taken over by Yancoal for $US2 billion in 2012.
Aside from Pembroke, Denham has scores of subsidiaries that target different types of natural resources, particularly energy.
The firm has exposure to oil, gas, wind energy, coal and some minerals like iron sands.
The sale continues a recent trend which has seen large multinational miners sell Australian coal assets to companies who are not traditional miners.
The Australian coal sector is increasingly typified by small, entrepreneurial operators, many of whom are private companies, and who are trying to turn around the mines that the majors could not make profitable amid weak coal prices.
One such company, Stanmore Coal, will restart the Isaac Plains coal mine next week having bought the mine off Vale for $1 last year.
But while many of the company names are new, those behind them are many of the Australian coal industry's biggest names, as Mr Tudor's involvement in Pembroke suggests.
Edek Choros, who delivered Millennium Coal into the hands of Excel Coal (later taken over by Peabody) is back on the scene with Batchfire Resources, which agreed to by Anglo American's Callide mine in   January.
Bankrupt former billionaire Nathan Tinkler has also dabbled in the coal scene recently, leading Australian Pacific Coal's purchase of Anglo American's Dartbrook mine before standing down from his duties in   March.