Stanmore takes full ownership of Eagle Downs

Image: Small Smiles_dimple/stock.adobe.com Stanmore Resources has acquired the…


tanmore Resources has acquired the remaining 50 per cent interest in the Eagle Downs coking coal tenements in Queensland from Aquila.tanmore Resources has acquired the remaining 50 per cent interest in the Eagle Downs coking coal tenements in Queensland from Aquila.

Image: Small Smiles_dimple/stock.adobe.com


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.

After that, Stanmore will pay $US20 million upon the first 100,000 tonnes (kt) of coal mined from Eagle Downs and $US10 million upon the first 100kt of coal from Eagle Downs South.

 

“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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