BHP completes the divestment of its BMC interest
(Posted on 05/05/22)
BHP has completed the sale of its 80 per cent interest in BHP Mitsui Coal (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned entity of Stanmore Resources Limited (Stanmore Resources).
Stanmore Resources has paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of approximately US$200 million for working capital. US$100 million cash remains payable to BHP in six months on 3 November 2022 with potential for an additional amount of up to US$150 million in a price-linked earnout payable to BHP in the 2024 calendar year. The total cash consideration for the transaction will be up to US$1.35 billion plus the final completion adjustment amount.
Stanmore Resources is an Australian Securities Exchange listed business with operations in Queensland’s Bowen Basin and has committed to oversee and operate BMC in compliance with industry best practice in relation to safety and environmental performance, as well as regulatory, community and workforce engagement.
BMC is an operated metallurgical coal joint venture in Queensland Australia which comprises the Poitrel and South Walker Creek operations, Red Mountain Infrastructure and the Wards Well development.
Latest News
Amogy and Trafigura to research ammonia cracking technology
(Posted on 25/09/22)Amogy Inc., a pioneer of emission-free, energy-dense ammonia power solutions, and Trafigura, one of... Read more
Rio Tinto and Shougang Group explore steel decarbonisation
(Posted on 25/09/22)Rio Tinto and Shougang Group, one of the world’s top 10 steel producers, have signed a Memorandum... Read more
Rio Tinto partners Volvo for low-carbon and autonomous solutions
(Posted on 15/09/22)Rio Tinto and Volvo Group have signed a Memorandum of Understanding (MoU) to create a strategic partnership... Read more
Emergency measures required now to avert European steel crisis
(Posted on 09/09/22)The European steel industry has called on EU policymakers to provide immediate relief against high energy... Read more
Europe’s fertilizer industry victim of energy chaos
(Posted on 07/09/22)Rocketing gas prices have led to curtailment or shutdown of a majority of European fertilizer production... Read more
Cargill launches Asia Pacific digital studio to accelerate food/ag innovation
(Posted on 07/09/22)Cargill is partnering with the Singapore Economic Development Board (EDB) to launch its first digital... Read more
Tata and Punjab Government to set up scrap based EAF steel plant
(Posted on 03/09/22)Tata Steel has signed a Memorandum of Understanding (MoU) with the Government of Punjab for setting... Read more
Turquoise Hill transaction Agreement in Principle with Rio Tinto
(Posted on 01/09/22)Turquoise Hill Resources Ltd. has announced that it has reached an agreement in principle and entered... Read more
Vale first major mining company to test 100% electric 72-tonne trucks
(Posted on 25/08/22)Vale have received two battery-powered 72-tonne off-highway trucks, which will be tested in the mines... Read more
Port of Amsterdam becomes member of responsible soy initiative
(Posted on 18/08/22)The Port of Amsterdam recently became a member of the Round Table on Responsible Soy (RTRS), an initiative... Read more
