Imagin gets money to get going

NGP Midstream & Resources, NGP M&R Offshore Holdings and the commodities principal investment team of Barclays Capital have committed to invest $200 million into Imagin Natural Resources (INR), a natural resource company specialising in coal and other diversified mineral investments, to finance future investments. INR will invest in mining companies, mining operations, reserve positions and other mining related interests including docks, terminals, and transportation assets associated with minerals providing them management and financial support. Although INR has a global mandate, its primary geographic focus will be in North America and Europe.

The management team of INR has extensive knowledge and proven success in the industrial minerals field. Gerry Spindler, Chairman, has more than 25 years experience with both private and publicly traded minerals companies most recently as Chief Executive Officer of UK Coal, the largest coal company in the UK. Gary Rogliano, CEO, spent 14 years in The Pittston Co, including five years as CFO, in addition to numerous executive level roles in the mining and transportation industries.

Rogliano said “We are extremely excited about the formation of Imagin Natural Resources. INR is fortunate to be able to partner with NGP-MR and Barclays Capital to form this new endeavour. Based upon the opportunities presented to date, we anticipate a rapid entry into the marketplace.”

John Calvert, Managing Partner at NGP-MR said “The coal industry is a core and growing component of the US energy sector and we have assembled a highly qualified team to take advantage of opportunities in this important industry. I have enjoyed dealing with this management team in the past and have a great deal of respect for their outstanding track record. We are very pleased that Barclays Capital agreed to join us in this investment.”

Mark Brown, Head of Commodities Principal Investments at Barclays Capital said “We are delighted to support a very talented management team at INR. Both Gerry Spindler and Gary Rogliano are well respected and well known in the natural resources and transportation industries.”

NGP-MR is a private equity fund that makes investments in select areas of the energy infrastructure and natural resources sectors. NGP-MR is affiliated with NGP Energy Capital Management, one of the leading capital providers to all facets of the energy sector. The Commodities Principal Investments team at Barclays Capital focuses on investments in upstream oil & gas, upstream mining and power and renewables. Barclays Capital is the investment banking division of Barclays Bank PLC.