Central Qld coal operations exited for $300M

April 7, 2024 Richard Szabo

Two underground mines are under new management in Queensland’s Isaac region.

Stanmore Resources recently confirmed it would purchase the remaining half stake in the Eagle Downs Coal Mine and the entire Eagle Downs South Coal Mine (both about 200km southwest of Mackay).

The bidder will pay up to US$185 million (A$281.1M) for China-owned Aquila Resources’ 50 per cent interest in Eagle Downs Coal Mine. A further US$12M (A$18.3M) will fully acquire Aquila’s Eagle Downs South Coal Mine.

AMSJ can reveal the deals are worth a combined US$197 million (A$299.6M) and the transaction is expected to be complete sometime in the second half of 2024.

“Stanmore has full control over the development plan and is able to streamline management and fully leverage its strong technical capabilities, as well as unique infrastructure and logistics portfolio to unlock the value of the asset to its full extent,” CEO and executive director Marcelo Matos said in a public statement.

“Stanmore will seek to optimise the development plan and take a capital efficient approach to any future development decision.”

Foreign Investment Review Board, Chinese regulatory and third-party approvals were still required at the time of publication.

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