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Stanmore Resources has signed agreements to acquire 100% ownership of two metallurgical coal projects, as per a statement released by the Australian coal miner.
Stanmore Resources has entered into a definitive sale and purchase agreement with Aquila Coal Pty Ltd and Aquila Exploration Pty Ltd, two wholly-owned subsidiaries of China Baowu Steel Group Corporation Limited, to acquire the remaining 50% interest in the Eagle Downs project and 100% interest in the Eagle Downs South project, as well as associated assets, the company said.
Subject to regulatory approvals and third-party consents, the transaction is expected to close in the second half of 2024. Upon completion, Stanmore will hold 100% interest in both projects, gaining full ownership of related assets.
The acquisition negotiation with Aquila started on February 12, 2024, when the company announced it had agreed with a wholly-owned subsidiary of South32 to acquire 50% interest in the Eagle Downs metallurgical coal project and 100% interest in Eagle Downs Coal Management.
Marcelo Matos, CEO and executive director of Stanmore Resources, noted that Stanmore will have complete control over the development plan, simplify management and leverage powerful technical capabilities and unique infrastructure and logistics portfolio to unlock the value of the assets fully.
Stanmore will optimize the development plan and adopt a capital-efficient approach to any decision, he added.
Stanmore Resources, formerly Stanmore Coal, is an Australian-based resources company engaged in operations and exploration projects in Queensland's Bowen and Surat basins.
(Writing by yan.sun Editing by Harry Huo)
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