On August 12, Australia's Stanmore Resources announced that its wholly-owned subsidiary, Dampier Coal, has signed a share sale agreement with Japanese trading house Mitsui & Co to acquire the remaining 20 percent interest in Stanmore SMC Pty Ltd for $380 million.
The deal has come following the company's agreement to buy BHP Group's 80 percent stake in the venture for $1.35 billion. The transaction in question will allow Stanmore Resources to consolidate its position as a leading metallurgical coal miner in the Bowen Basin, the company stated. “Having 100 percent control of South Walker Creek and Poitrel, as well as Wards Well and other projects, allows Stanmore to maximise value amongst our assets in the region,” CEO Marcelo Mato said. The company expects to fund the transaction through internal sources to meet its ongoing cash needs without issuing new debt or raising capital. The completion of the transaction is expected in the fourth quarter of 2022.