Stanmore snatches up South32’s share of Eagle Downs

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

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