Unfortunately the Whitehaven Coal Ltd (ASX: WHC) share price has had a day to forget after Trump announced his tariff plans.
In afternoon trade the coal miner's shares are down over 5.5% to $4.26.
But things could have been very different had it not been for Trump's comments.
After the market closed on Thursday Whitehaven announced that it has agreed to buy the 75% interest in the Winchester South coking coal project owned by Rio Tinto Limited (ASX: RIO).
According to the release, Whitehaven will acquire the stake for a total cash consideration of US$200 million. The coal miner will pay US$150 million of the consideration on completion, with the remaining US$50 million to be payable 12 months post-completion.
Management stated that: "Winchester South will form a key part of the company's longer term growth plan and complements our Vickery project in the Gunnedah Basin as another high quality asset which will help Whitehaven respond to the strong and growing demand for premium coking coal that exists in Asian markets."
Ordinarily this might have sent its shares racing higher, but not today after Trump shocked financial markets and sent commodity prices lower.
Scentre Group (ASX: SCG) owns the remaining 25% stake in the project.
