https://www.miningweekly.com

Stanmore completes SMC buy

7th October 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Coal miner Stanmore Resources has completed the acquisition of the remaining 20% interest in the BHP Mitsui Coal (BMC) assets, which have been renamed Stanmore SMC.

The final price for the acquisition was settled at $270-million, after adjusting for SMC dividends paid to date, which has been paid in full.

Stanmore said on Friday that the company funded the acquisition through internal sources.

“The previous acquisition of BHP’s interest in SMC was transformative for Stanmore. This current acquisition of the remaining 20% in SMC allows Stanmore to realise the full value of SMC as well as consolidating the operation for administrative and tax purposes. It creates opportunities across all of Stanmore’s assets in the Bowen basin,” said Stanmore CEO Marcelo Matos.

Stanmore earlier this year struck a $1.35-billion deal with diversified miner BHP and Mitsui & Co to acquire an initial 80% interest in the SMC asset.

Full ownership of the SMC assets will allow Stanmore to achieve full synergies between the SMC operations and Stanmore’s other operations. The transaction also directly aligns with Stanmore’s investment strategy to streamline and develop its existing operations and maximise the geographical synergies from its existing infrastructure.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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