New Hope advances Bengalla buy

February 7, 2016

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ASX-listed New Hope was aiming to complete the acquisition of mining major Rio Tinto’s 40% interest in the Bengalla thermal coal mine, in New South Wales, by March.

The junior said on Monday that it had cleared two material conditions to the purchase of the mine. These included the remaining shareholders in Bengalla not exercising their pre-emptive rights under the joint venture (JV) agreement, and the completion of a corporate restructure under which the Rio JV participant became a wholly owned subsidiary of the major.

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