Stanmore Resources has acquired the remaining 50 per cent interest in the Eagle Downs and Eagle Downs South coking coal tenements in Queensland from Aquila.
The acquisition comes two months after Stanmore entered into agreements with South32 to acquire 100 per cent of both tenements.
Stanmore will pay $US15 million and $US2 million upon acquisition completion of Eagle Downs and Eagle Downs South, respectively.
“In acquiring 100 per cent of the Eagle Downs assets Stanmore has full control over the development plan and is able to streamline management and fully leverage its strong technical capabilities, as well as unique infrastructure and logistics portfolio to unlock the value of the asset to its full extent,” Stanmore chief executive officer and executive director Marcelo Matos said.
“Stanmore will seek to optimise the development plan and take a capital efficient approach to any future development decision.”
The acquisition is expected to be completed in the second quarter of the 2023–24 financial year.
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