Whitehaven takes full ownership of Vickery South
PERTH (miningweekly.com) – Coal miner Whitehaven Coal has taken full ownership of the Vickery South project, in the Gunnedah basin, after acquiring Itochu Corporation’s remaining interest in the project.
The transaction with Itochu involved Whitehaven acquiring the Japanese firm’s 29% interest in the joint venture, as well as its right to increase this stake to 49% through a farm-in arrangement.
It also involved the termination of Itochu’s exclusive offtake and sales agency arrangements relating to the project.
In exchange for its interest in the Vickery South project, Itochu received 11.47-million shares in Whitehaven.
The Vickery South project is located adjacent to Whitehaven’s existing Vickery project, which MD Tony Haggarty said provided a strategic opportunity for the company to consolidate the two projects.
“As stated in our recent interim results, there are compelling operational and economic benefits from combining these two assets,” Haggarty noted.
The Vickery South project comprises 52-million tons of Joint Ore Reserves Committee-compliant resource, which, when combined with the Vickery project provided an overall resource of 537-million tons, of which 148-million was measured, 183.5-million tons indicated and 205-million tons inferred.
The Vickery project involves the development of an opencut coal mine producing up to 4.5-million tons a year of coal, for a life-of-mine of 30 years. Mining at Vickery would be a restart of former operations, with development consent for mining originally granted in 1986.
The Vickery South project was not included in the approvals process, and any inclusion of this deposit into the development would be subject to the relevant processing approvals, Whitehaven said.
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