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Stanmore Resources has announced a $1.8 billion deal to acquire mining giant BHP’s 80 per cent interest in BHP Mitsui Coal (BMC).

BMC owns the South Walker Creek and Poitrel mines in the Bowen Basin as well as the undeveloped Wards Well coal project.

The mines boast a combined metallurgical coal production of around 10Mt per annum and total marketable reserves in excess of 135Mt.

Stanmore chief executive officer Marcelo Matos described it as an exciting and transformative acquisition for Stanmore, which owns the Isaac Plains complex near Moranbah and a stake in the newly restarted Millennium/Mavis Downs site (MetRes JV).

The company was fortunate to be able to rely on the full support of controlling shareholders Golden Energy and Resources (GEAR) as well as the Sinar Mas Group to successfully execute the deal, he said.

“This transaction will see the company become one of the leading metallurgical coal producers globally and provide Stanmore with a portfolio of tier 1 assets, with a significantly increased reserves and resources base and assets with an expected mine life exceeding 25 years production, positioning the company for substantial cashflow generation and future growth opportunities,” Mr Matos said.

“BHP have managed the BMC business competently and responsibly over the years, and as new custodians we look forward to integrating the BMC business into Stanmore with a continued focus on safety, and responsibly and sustainably producing high quality metallurgical coal products for our global customers.”

The new assets would increase Stanmore’s metallurgical coal production by 5.6 times.

The purchase price for the transaction comprises:

  • $US1.1 billion ($1.48 billion in Australian dollars) payable on completion;
  • $US100 million ($135 million) payable six months post completion; and
  • Up to $US150 million (about $200 million) based on a revenue sharing mechanism if the average sales price achieved is above a certain threshold over a two year period, payable within three months of the end of the testing period (expected in CY2024).

Completion of the transaction is expected mid-2022, following the satisfaction of conditions precedent, including regulatory approvals.