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NEW YORK — George Soros, Citadel Investment Group and T. Rowe Price Group are snapping up coal- mining shares, taking advantage of the cheapest valuations in five years as demand for electricity rises.
Soros bought 2.9 million Arch Coal shares last quarter for a 2 percent stake in the U.S. coal producer. Citadel and Invesco Ltd. bought 3.5 million shares of Peabody Energy Corp. T. Rowe bought stock in Peabody, Arch, Consol Energy Inc. and Indonesia’s PT Bumi Resources.
