FIRB gives nod to Doyles Creek investment
PERTH (miningweekly.com) - The Foreign Investment Review Board (FIRB) on Tuesday approved a A$40-million investment by Japan’s Mitsui Matsushima International (MMI) into ASX-listed NuCoal’s Doyles Creek coal project, in New South Wales.
Under the terms of the joint venture farm-in agreement, MMI would earn a 10% equity in the project by spending A$40-million. Following the completion of a bankable feasibility study, MMI would have the option of purchasing an additional interest of up to 10% in the project, at a predetermined valuation, which would be dependent on the level of end-user offtake commitment made at the time the option is exercised.
MMI would also be entitled to exclusively introduce coal from the Doyles Creek project to customers in Japan.
“FIRB approval is another significant milestone for the Doyles Creek underground coal project and training mine facility,” said NuCoal MD Glen Lewis on Tuesday.
“NuCoal has been working for in excess of 12 months to obtain this investment for the state of New South Wales, and we look forward to the transaction being finalised on completion of the remaining conditions precedent.”
Lewis noted that discussions were currently under way with MMI on how these conditions precedent could be satisfied.
The Doyles Creek project contained some 512-million tons of Joint Ore Reserve Committee-compliant resource, and had a probable reserve of 50.9-million tons across two of the five identified target seams.
Ultimately, NuCoal hoped to develop an underground mining and training facility at Doyles Creek that would meet the training and professional development needs of workers in the underground coal mining industry.
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