Sinar Mas Group Again Acquires Coal Mine in Australia
Golden Energy and Resources Ltd (GEAR) through its subsidiary Stanmore Resources Ltd has completed the acquisition of the Millennium and Mavis Downs Mine coal mines located in the vicinity of Moranbah, Queensland, Australia.
This transaction was carried out through a joint venture between Stanmore and M Resources, namely MetRes Pty Ltd. The Millennium and Mavis Downs Mine coal mines were purchased from Peabody Energy Australia. "Mining activities are scheduled to commence in August 2021. The rail and port logistics contracts are executed by providing a clear path for shipments that will allow the company to take advantage of favorable market conditions," said Stanmore CEO Marcelo Matos. This acquisition plan was previously announced on April 15, 2021. Stanmore and M Resources provided a cash advance of AUD1.25 million and a royalty payment of AUD1.25 million to Peabody Energy Australia. Stanmore stated that the acquisition's objective of reactivating metallurgical coal assets provides a low capital and rapid market investment opportunity. In addition, the company also gains access to mining infrastructure through this acquisition.
|•SOURCE•| Articles :BISNIS | Image :GEAR |
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