Australian coal miner Bowen Coking Coal Ltd has announced that it has closed the sale of a 10 percent stake in its Broadmeadow East mine to MPC Lenton Pyd Ltd, a subsidiary of Taiwan-based Formosa Plastics Group, for A$13 million, following necessary regulatory approvals.
The sale is aimed at integrating Broadmeadow into the Lenton joint venture due to the latter’s close proximity to the Burton mining complex. This way, both parties aim to create synergies from the assets together.
