Australia-based metallurgical coal supplier Stanmore Resources has announced that it has completed the acquisition of the Eagle Downs metallurgical coal project from global premium-quality hard coking coal producer South32 and Australia-based Aquila Coal, a subsidiary of Chinese steel producer Baowu Steel Group. The company now owns and controls 100 percent of the project.
In accordance with the terms of the agreements, Stanmore paid US$30 million in cash in respect of the acquisition of Eagle Downs and A$2 million in respect of Eagle Downs South plus approximately US$4 million in completion adjustments.
“Stanmore will now seek to optimize the development plan and take a capital efficient approach to any development decision,” Marcelo Matos, CEO of the company, commented.
