30 May Anglo American finalises sale of Dartbrook coal mine
Anglo American (LSE:AAL) has completed the sale of its 83.33% interest in the suspended Dartbrook coal mine in New South Wales (NSW) to Australian Pacific Coal (ASX:AQC).
The Dartbrook mine, located in the coal-rich Hunter Valley region of NSW, will now formally change hands after a protracted sale process that was first initiated at the end of 2015.
Diversified miner Anglo and ASX-listed Australian Pacific Coal (APC) agreed to the AUS$50 million transaction, which also included an upfront cash payment of $25 million and a royalty fee relating to future coal production.
The Dartbrook project comprises of an underground thermal coal mine and associated processing infrastructure which has been on care and maintenance since 2006.
APC made a total coal resource estimate of 1.2 billion tonnes at Dartbrook last May, making it one of the largest underdeveloped coal operations in the renowned Hunter Valley region.
For Anglo, the divestment represents a further shedding of its Australian thermal coal operations, following the sale of its Drayton coal mine (also located in NSW), earlier this month.