Cockatoo Coal Ltd has announced that it has acquired a relevant interest of 90.2% of all the shares in Blackwood Corp. Ltd. Cockatoo will soon exercise its right to compulsorily acquire the remaining shares in Blackwood.
The compulsory acquisition of Blackwood Corp. Ltd will allow the Cockatoo Group to “maximise operating and financial synergies across the combined business,” according to a company statement. The move will also allow Cockatoo to optimise development of the overall project portfolio with a focus on the development of the Baralaba expansion project.
The Baralaba mine is based in the south eastern limb of the Bowen Basin in Queensland, Australia. Production is taken from the Rangal Coal Measures and exported to the Port of Gladstone. The mine lease currently sits within a wider 550 km2 area of Cockatoo Coal exploration tenements that are expected to support an expanded 3.5 million tpa Baralaba operation from 2015.
Blackwood has been an emerging Australian energy and resource company, with a primary focus on the exploration and developments of its coal tenement portfolio in Queensland.
Through its wholly-owned subsidiary, Matolda Coal Pty Ltd, Blackwood holds tenure of approximately 6000 km2 in coal basins throughout Australia.
Managing director of Cockatoo Coal, Andrew Lawson, said that he was pleased that the takeover of Blackwood had been completed in an effective and efficient manner. “I thank Blackwood shareholders for their acceptance of our offer, and warmly welcome them to the Cockatoo family. I believe that our combined company is well positioned to continue the expansion of our current Baralaba mine on time and on budget, and to rationalise and realise value from our extensive portfolio of additional assets. Cockatoo, with the integration of the Blackwood employees, has a management and workforce which I believe is capable and able to deliver value to all our shareholders in 2014 and beyond.”
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/13022014/cockatoo_acquires_blackwood_508/