A fossil fuel operation will be under new ownership in Queensland’s Isaac region.
Stanmore Resources recently agreed to purchase South32’s Eagle Downs Coal Mine in Winchester, 208km southwest of Mackay.
The deal involves acquiring half of South32’s stake in the Eagle Downs metallurgical coal joint venture (JV) project plus all shares in Eagle Downs Coal Management. AMSJ can reveal the transaction is worth up to US$130 million (A$199M).
“The asset is in close proximity to Stanmore’s assets, providing it with the potential to leverage existing infrastructure and logistics capabilities to drive overall development, and operating cost efficiencies at Eagle Downs as well as providing longevity to Stanmore’s infrastructure portfolio,” Stanmore said in a public statement.
“Stanmore is in discussions and has signed a term sheet with Aquila, the Eagle Downs JV partner, in relation to acquiring a further 30 per cent interest in the JV and reshaping the JV commercial and governing arrangements.”