Pembroke Resources acquires metallurgical coal assets in Bowen Basin
Pembroke Resources, an Australian-based company backed by leading resources and energy-focused global private equity firm Denham Capital, announced that it has acquired from various Australian subsidiaries of Peabody Energy Inc and CITIC Resources Holdings Limited their interests in metallurgical coal tenements that collectively encompass the Olive Downs Complex in Queensland’s Bowen Basin.
The Olive Downs Complex comprises Olive Downs South (ODS), Willunga, and Olive Downs North (ODN), with rights to four Exploration Permits for Coal and two Mine Leases (both for ODN). Pembroke has acquired a 100 percent interest in ODS and Willunga.
Subject to the approval of the minority partners, the company has agreed to acquire an 87.3 percent interest in ODN. The total consideration is AUD120M plus an agreed royalty.
Pembroke will continue to assess other acquisition and development opportunities as it seeks to further build out its portfolio of high quality metallurgical coal assets.
Pembroke Resources is an Australian-based company focused on the acquisition and development of a portfolio of high quality, metallurgical coal assets in the Asia-Pacific region.
Source: Company Press Release