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.