29
May
12:19
South32 could buy, restart Eagle Downs coal mine
South32 has entered into an agreement to buy a 50% stake in the Eagle Downs coking coal project in Australia from China’s Baowu Steel. It also plans to eventually restart the mine, with most of the coal expected to go to Baowu, Kallanish notes.
The deal is expected to close in the first half of 2019, and would see South32 pay $133 million up front and another $27m after three years. There would also be a royalty paid by South32 as operator of the mine…
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