Company Owned By Conglomerate Eka Tjipta Widjaja This Acquires Coal Mine From Australia

JAKARTA - A company from the Sinarmas Group, Golden Energy and Resources Ltd through its subsidiary Stanmore Resources Ltd announced that it has completed the acquisition of the Millennium and Mavis Downs Mine coal mines located around Moranbah, Queensland, Australia.

This transaction was carried out through a joint venture between Stanmore and M Resources, namely MetRes Pty Ltd. The Millennium and Mavis Downs Mine coal mines were purchased from Peabody Energy Australia.

"Mining activities are scheduled to commence in August 2021. The rail and port logistics contracts are executed by providing a clear path for shipments that will allow the company to take advantage of favorable market conditions," said Stanmore CEO Marcelo Matos in an official statement, quoted Thursday 15 July.

This acquisition plan was previously announced on April 15, 2021. Stanmore and M Resources provided a cash advance of USD 1.25 million and royalty payments of USD 1.25 million to Peabody Energy Australia.

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Stanmore stated that the acquisition's goal of reactivating metallurgical coal assets provides low capital and rapid market investment opportunities. In addition, the company also gains access to mining infrastructure through this acquisition.

The Millennium and Mavis Downs mines are located near Moranbah, near the Isaac Downs Stanmore Coal project. The mine has historically produced HCC64 grade hard coking coal and high-calorie coal. This is considered to be a complementary product to the existing Stanmore Coal mine.

As a result, the acquisition could enable profitable coal blending synergies for Stanmore Coal. Stanmore's management estimates that the reactivation of the coal mine can generate 150-200 jobs, through investments in the expansion of underground infrastructure and completion of a rehabilitation obligation of US$25.7 million.