Johnson Winter & Slattery (JWS) has advised Peabody on its sale to MetRes of the Millennium coal mine, a metallurgical coal mine located near Moranbah, Queensland. MetRes is a 50/50 joint venture between Stanmore Coal and M Resources (a Matt Latimore company).
Stuart Clague, Energy & Resources Partner, said “Having worked with Peabody for the last decade, we are delighted to have advised Peabody on the sale of the Millennium coal mine to Stanmore and M Resources.”
The JWS team was led by Energy & Resources Partners Bruce Adkins and Clague, assisted by Senior Associate, Jarrod Wilksch, and Associate, Haerim Nam. Finance Partner, Craig Wappett, also assisted on the royalty arrangements.
JWS worked hand-in-glove with the Peabody in-house legal team, led by Associate General Counsel, Simon Cobb.
Peabody will receive an upfront cash payment of AUS$1.25 million for the coal assets and a royalty on their coal sales capped at US$1.25 million for the asset transaction.
Millennium and Mavis Downs are currently in a production halt after being placed in care and maintenance and lie adjacent to Stanmore Coal’s Isaac Plains complex in Queensland.
Read the article online at: https://www.worldcoal.com/coal/16042021/peabody-sells-millennium-coal-mine-to-metres/