[Ferro-Alloys.com] 

Whitehaven strikes $3.2bn coal deal with BHP

Coal miner Whitehaven Coal has struck $3.2-billion deal with diversified miner BHP and Mitsubishi Development to acquire the Duania and Blackwater metallurgical coal mines in Queensland.

Under the agreement announced on Wednesday, Whitehaven would acquire full interest in the two metallurgical coal mines in a cash deal comprising a $2.1-billion upfront consideration payable on the completion of the transaction, as well as $1.1-billlion to be paid in three separate tranches on the first, second and third anniversary of the completion of the transaction.

Following the transaction, Whitehaven’s total coal resources will increase by 75% from 2.6-billion to 4.6-billion tonnes for operating and development mines. The acquisition will increase Whitehaven’s coal resources in the Bowen basin from 1.1-billion to 3.1-billion tonnes, including 673-million tonnes of recoverable reserves.

• [Editor:邢亚敏]