Australia-based metallurgical coal supplier Stanmore Resources has announced that it has acquired the remaining 50 percent interest in the MetRes JV, a joint venture between Stanmore and Australia-based trading, consulting and investment company M Resources. With the acquisition, Stanmore Resources has taken full ownership of the Millennium and Mavis Downs coal mines, resulting in the addition of coal volumes to Stanmore’s consolidated portfolio.
In addition, as part of the transaction, Stanmore has agreed to grant the seller a royalty on future products sold from the project, contingent on certain agreed coal prices being realized.
Millennium and Mavis Downs mines have 37 million mt of high-quality coking coal resources.