https://www.miningweekly.com

Cloud Peak, Ambre postpone US mine acquisition

29th August 2013

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – US coal miner Cloud Peak Energy and Australian company Ambre Energy on Wednesday indefinitely postponed the proposed acquisition by Ambre of Cloud Peak’s 50% interest in the Decker mine, in Montana.

The parties, which each held a 50% stake in the mine, announced in December 2012 that they had entered into an agreement to allow Ambre to buy Cloud Peak’s interest in the mine, as well as all related assets. Ambre was also required to take responsibility for all reclamation liabilities, including Cloud Peak’s $70.7-million in outstanding reclamation and lease bonds for the mine.

The acquisition had been scheduled for completion in March, but was delayed.

In July, Cloud Peak also expressed doubt about Ambre’s availability of funds to replace Cloud Peak’s outstanding reclamation and lease bonds for the mine.

The parties said on Wednesday that while discussions regarding the proposed acquisition would continue, neither expected the deal to be concluded in the foreseeable future.

Further, the companies have also dismissed litigation against each other, entered into in July 2012 over their differing views of the future of the Decker mine. This would give them time for the ongoing discussions to take place.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Advanced Fire Suppression Technologies
Advanced Fire Suppression Technologies

Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...

VISIT SHOWROOM 
Bell Equipment
Bell Equipment

As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.047 0.182s - 110pq - 2rq
Subscribe Now