Western Australia-based South32 said its subsidiary South32 Eagle Downs has agreed to divest its 50% interest in the Eagle Downs metallurgical coal project in Queensland to a Stanmore Resources subsidiary.
The miner, which owns the project along with China Baowu subsidiary Aquila Resources, is divesting its interest for US$15 million.
The transaction is expected to be completed by year’s end.
Eagle Downs is a proposed underground mine located approximately 25 kilometres southeast of the town of Moranbah. The project was placed under care and maintenance in late 2015.
Source: South32