Aston sells 10% stake in Maules Creek
- Publishing Date
- 03 Oct 2011 4:52pm GMT
- Author
- Mining Journal
Aston Resources Ltd has agreed to sell 10% of its Maules Creek coal project in New South Wales to a subsidiary of Japan’s Electric Power Development Co Ltd for A$370 million.
The transaction also includes an offtake agreement that would see the subsidiary, J-Power Australia Pty Ltd, purchase coal from the project from 2014. The sales agreement would last ten years ramping up from 150,000t/y to 900,000t/y. Prices would be market-based.
The funds received from the stake sale would provide “the majority of funds required to develop the project”, according to chief executive officer, Todd Hannington.
The transaction is conditional on ITOCHU, Aston’s existing joint venture partner, consenting to the terms of the long-term coal sales agreement.
ITOCHU has a pre-emptive right to match the proposed transaction terms of the asset sale agreement.
The transaction also includes an offtake agreement that would see the subsidiary, J-Power Australia Pty Ltd, purchase coal from the project from 2014. The sales agreement would last ten years ramping up from 150,000t/y to 900,000t/y. Prices would be market-based.
The funds received from the stake sale would provide “the majority of funds required to develop the project”, according to chief executive officer, Todd Hannington.
The transaction is conditional on ITOCHU, Aston’s existing joint venture partner, consenting to the terms of the long-term coal sales agreement.
ITOCHU has a pre-emptive right to match the proposed transaction terms of the asset sale agreement.
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