Guildford sells Oz coal assets
KALGOORLIE (miningweekly.com) – ASX-listed Guildford Coal has reached an agreement with Singapore-listed Sino Construction to divest of its Queensland coal assets in a deal worth $25-million.
The assets would include the Clyde Park project, as well as the Pentland, Springsure, Hughenden Sunrise, Monto, Sierra and Kolan projects.
Under the terms of the agreement, Guildford would be appointed as sole manager of the coal assets, and would have the first and last right to be appointed as the contract miner for each asset, as they moved into production.
A management fee would be payable to Guildford.
Furthermore, a royalty payment equal to 35c/t of coal sold would also be payable to Guildford. The royalty would be payable after five years from the date of first production.
Guildford noted that the sale of its coal assets would be subject to a number of conditions, including a due diligence, shareholder and regulatory approvals, as well as the entry into a management agreement.
Most recently, Guildford’s focus has been the development of its Baruun Noyon Uul mine (BNU), in Mongolia.
Previously known as the North pit, BNU forms part of Guildford’s South Gobi project, and has a coal resource of 70.4-million tonnes, which includes an indicated resource of 39.7-million tonnes.
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