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
Cargill completes acquisition of Owensboro Grain Company
(Posted on 27/01/23)Cargill has announced that it has completed the acquisition of Owensboro Grain Company, a fifth-generation... Read more
BHP selects seven companies to accelerate copper and nickel exploration
(Posted on 23/01/23)BHP Xplor, an accelerator programme introduced by BHP in August 2022, has announced its first cohort... Read more
Trafigura makes carbon removal commitment as part of First Movers Coalition
(Posted on 16/01/23)Trafigura Group Ptd Ltd., a market leader in the global commodities industry, has made a public carbon... Read more
Hefner assumes USGC global trade position in Washington
(Posted on 10/01/23)Jace Hefner has joined the U.S. Grains Council (USGC) in its Washington, D.C., headquarters as the new... Read more
Cargill announces CFO transition
(Posted on 10/01/23)Cargill has announced that Jamie Miller will step down as Chief Financial Officer to accept an opportunity... Read more
Adbri extends supply contract with ICL
(Posted on 10/01/23)Adbri Limited has announced that it has extended its cementitious materials supply arrangement with... Read more
Dana Steel to replace imported raw materials with ‘Made in UAE’ supply
(Posted on 04/01/23)Khalifa Economic Zones Abu Dhabi – KEZAD Group, the integrated trade, logistics, and industrial... Read more
GrainCorp to boost digital connectivity in the bush
(Posted on 23/12/22)Australian agribusiness GrainCorp is co-leading a $12 million investment round into rural connectivity... Read more
BHP and OZ Minerals extend exclusivity period
(Posted on 20/12/22)BHP has provided an update to its announcement on 18 November 2022 that confirmed BHP had entered into... Read more
Kaisa Hietala to join Rio Tinto Board
(Posted on 20/12/22)Rio Tinto has appointed Kaisa Hietala as a non-executive director. Ms Hietala, a Finnish citizen, will... Read more
