Thungela completes buyout of majority stake in Aus coal mine
South African thermal coal producer and exporter Thungela Resources will take operational control of the Ensham coal mine, in Queensland, Australia, from September 1, as all conditions precedent to the buyout of a controlling interest in the mine have been fulfilled.
Thungela announced in February that it had entered into agreements to acquire a controlling interest in Sungela Holdings, which, in turn, would acquire an 85% interest in the Ensham business.
The acquisition of the business is a significant step in Thungela’s strategy to pursue geographic diversification, while also allowing it to leverage its core capabilities in a commodity and mining method which it understands well, while providing access to new markets and to the Newcastle export coal price, the miner states.
The mine is expected to produce about 2.7-million tonnes of export saleable production this year, at a free-on-board cost of between $110/t and $120/t.
“We are delighted to welcome our colleagues from Ensham into the Thungela family as they continue to build on a proud history of safe production in the Bowen Basin region of Queensland. We look forward to learning from them and also to sharing our knowledge.
“Thungela is proud to have concluded a landmark transaction with Idemitsu, a responsible and reputable owner with well-established processes and systems. The transaction delivers on our purpose to responsibly create value together for a shared future, and we will continue to support existing regional communities while also delivering superior returns for the group’s shareholders,” Thungela CEO July Ndlovu comments.
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