Queensland-based Stanmore Resources said its wholly owned subsidiary, Dampier Coal, has signed an agreement to purchase the remaining 20% interest in BHP Mitsui Coal ­– now Stanmore SMC – for US$380 million from Mitsui & Co.

The deal is expected to be completed in the fourth quarter of 2022.

“Following the previous acquisition of the majority interest in SMC from BHP, this transaction allows Stanmore to consolidate its position as a leading metallurgical coal miner in the Bowen Basin,” said Stanmore CEO Marcelo Matos. 

“Having 100% control of South Walker Creek and Poitrel, as well as Wards Well and other projects, allows Stanmore to maximise value amongst our assets in the region.”

In May, Stanmore had purchased BHP’s 80% interest in BHP Mitsui Coal through the acquisition of all the shares in Dampier Coal for up to US$1.35 billion.

Source: Stanmore Resources