Johnson Winter & Slattery has advised Peabody on its sale to MetRes of the Millennium coal mine, a metallurgical coal mine located near Moranbah, Queensland.
Stanmore Coal (SMR) has entered a joint venture to purchase the Millennium and Mavis Downs Mine from Peabody Energy Australia for $1.25 million.
Millennium Coal Mine is located near Moranbah, Queensland, and is currently under care and maintenance.
The company will enter the deal with new joint venture partner M Resources affiliated entity, MetRes.
Under the joint venture, the companies plan on restarting the mine. Rehabilitation obligations is estimated at $25.7 million.
Peabody Energy Australia operations consist of metallurgical and thermal coal mining operations in Queensland and New South Wales.
The Johnson Winter & Slattery team was led by Energy & Resources Partners Bruce Adkins (Picture) and Stuart Clague assisted by Senior Associate Jarrod Wilksch and Associate Haerim Nam. Finance Partner Craig Wappett also assisted on the royalty arrangements.
JWS worked hand-in-glove with the Peabody in-house legal team, led by Associate General Counsel Simon Cobb.
Involved fees earner: Bruce Adkins – Johnson Winter & Slattery; Stuart Clague – Johnson Winter & Slattery; Haerim Nam – Johnson Winter & Slattery; Craig Wappett – Johnson Winter & Slattery; Jarrod Wilksch – Johnson Winter & Slattery;
Law Firms: Johnson Winter & Slattery;
Clients: Peabody Energy;