Anglo American (LSE:AAL) will sell its 83.33 percent interest in the Dartbrook Coal Mine in Australia to Australian Pacific Coal. Dartbrook has been on care and maintenance since 2006, and the sale comes as Anglo American’s portfolio restructuring.
As quoted in the press release:
Under the terms of the SPA and Royalty Deed, AQC will acquire Anglo American’s interest in Dartbrook for up to A$50 million (approximately US$36 million), comprising an upfront cash payment of A$25 million and the grant of a royalty equal to A$3.0 for each tonne of coal produced by the operation in the future and A$0.25 for each tonne of coal sourced from other sites and processed using Dartbrook’s processing infrastructure. Royalty payments will be subject to escalation with reference to the Brisbane All Groups Consumer Price Index and capped at A$25 million (in real terms).
The transaction will be effected via a sale of shares in the subsidiary companies holding Anglo American’s interest in Dartbrook. The transaction remains subject to several conditions precedent, including the waiver of pre-emption rights by Anglo American’s joint venture partner, Marubeni Coal Pty Ltd (“Marubeni”) and the receipt of local and federal government consents for the transfer of the mining and exploration rights related to the operation. The transaction is expected to complete by mid-2016.
Near-term macroeconomic conditions could slow the uptake of plug-in electric vehicles, but strong sales growth will persist through the medium term, an industry event heard this week in Vancouver. Capitalight Research MD Tom Brady sounded the alarm during a pr … Read More
Changes in management this week: CDN Maverick appoints Adam Cegielski as CEO. Li-FT Power announced David Smithson as SVP geology and Carl Verley as VP, exploration. Patriot Battery Metals appointed Natacha Garoute as CFO. Discovery Silver named Tony Makuch CE … Read More
Australia-based small to medium-sized enterprises in the mining and mining equipment, technology and services (METS) sectors are being encouraged to innovate and develop solutions that will be supported by CSIRO. Through the Innovate to Grow program, SMEs that … Read More
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
