Broadmeadow East Mine sold to Burton-Lenton Joint Venture & MPC Lenton
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Update time : 2023-07-13 16:31:51
Bowen Coking Coal Limited, an Australia-based coking coal company, has agreed to sell 10% interest in its Broadmeadow East Mine to MPC Lenton Pty Ltd (MPC), a wholly owned subsidiary of Formosa Plastics Group, for A$13 million. Bowen Coking Coal and MPC have also agreed to sell the Broadmeadow East Mine to the Burton-Lenton Joint Venture (BLJV) in a cash and royalties transaction.
After the Broadmeadow East Mine is incorporated into the BLJV, coal blending options will be increased for some specific markets. Besides, it helps to reduce operational complexity related to coal processing from mines with different ownership structures.
In addition, Coking Coal One Pty Ltd, Bowen Coking Coal’s wholly-owned subsidiary, will sell a 90% interest in Broadmeadow East Mine to its another wholly-owned subsidiary New Lenton Coal Pty Ltd.
After the two sales, the Broadmeadow East Mine will become BLJV’s asset, of which New Lenton Coal owns a 90% interest and MPC owns a 10% interest.
