Stanmore Resources Ltd has agreed to acquire a 100% interest in the Moranbah South (MBS) tenements from Exxaro Resources Ltd and its wholly owned Australian subsidiaries.
The consideration payable to Exxaro in connection with the transaction will be US$105 million, with completion conditional on Exxaro’s subsidiaries first holding a 100% interest in the MBS tenements.
Exxaro, through its Australian subsidiaries, currently holds a 50% interest of the MBS tenements as part of a joint venture with Anglo Coal (Grosvenor) Pty Ltd, a subsidiary of Anglo American plc. Exxaro has exercised its joint venture pre-emptive rights triggered by the sale of Anglo’s Australian coal assets to Dhilmar QLD Pty Ltd to acquire Anglo’s 50% interest in the MBS JV. Once completed, Exxaro will hold 100% of the MBS JV and the MBS JV will terminate.
Completion of the transaction is expected before the end of 4Q26, following completion of Exxaro’s acquisition from Anglo, as well as satisfaction of certain limited conditions precedent regarding regulatory approvals, such as Foreign Investment Review Board, Australian Competition and Consumer Commission (ACCC) and indicative ministerial approval for the transfer of the MBS tenements.
Stanmore will fund the consideration with existing cash balances and liquidity, and the transaction does not require shareholder approval.
Marcelo Matos, CEO & Executive Director, comments:
“The acquisition of the Moranbah South tenements will represent a significant milestone for Stanmore’s development portfolio, increasing our resource base and strengthening the platform to deliver on our future growth aspirations. The tenements are strategically complementary to Stanmore’s neighbouring projects, particularly Eagle Downs and the Isaac Downs Extension.
“The significant resources base of Moranbah South is expected to be of premium hard coking coal quality and may potentially be accessed through mine infrastructure at Eagle Downs, should that project be developed. Furthermore, the acquisition of 100% of Moranbah South extinguishes up to US$60 million of deferred and contingent consideration under the 2024 Designated Area Agreement, which enabled access to the Isaac Downs Extension through the Moranbah South tenements. This further enhances the value of the transaction and the economics of the Isaac Downs Extension.”
Read the article online at: https://www.worldcoal.com/coal/14092026/stanmore-agrees-to-acquire-moranbah-south/
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