BANPU Accepts Liabilities of ฿864m to Acquire the Remaining 50% Stake in Australian Mine

Banpu Public Company Limited (BANPU) has announced that the company, through its subsidiary Centennial Coal Company Limited (CEY) has entered into a sale agreement to acquire an additional 50% ownership of the Springvale Joint Venture (JV), from Springvale SK Kores Pty Limited (SSKK).

This transaction will bring CEY’s ownership in Springvale mine and Angus Place project from 50% to become 100%. CEY has assumed the net JV liabilities of SSKK of AUD 40.9 million or approximately THB 864 million as the transaction value for the JV assets. The transaction incurred no cash payment.

 

The transaction is subject to the fulfillment under agreed terms and conditions including the Foreign Investment Review Board (FIRB) approval, which expected to complete by the 1st quarter of 2020.

This transaction will enable CEY greater flexibility of operations with the western underground coalmines, New South Wales, including; 1) Springvale mine, having total marketable proved and probable reserve of 25.7 Mt, operated since 1992 with capacity of 5.5 Mtpa and supply to Mount Piper Power Station. 2) Angus Place project, having total marketable proved and probable reserve of 55.2 Mt.