Coal Limited (ASX: WHC) today announced it has completed the acquisition of EDF
Trading Australia Pty Limited, which owns a 7.5% interest in the Narrabri
underground mine. Closing the acquisition brings Whitehaven’s ownership
interest in the mine to 77.5% and triggers pre-emptive rights in favour of each
of the Narrabri Joint Venture Participants (including Whitehaven). If all Joint
Venture Participants (including Whitehaven) exercised their rights of
preemption, Whitehaven’s interest would decrease to approximately 75.7%.
consideration for the acquisition is US$72 million (plus customary closing
adjustments taking into account a 1 July 2019 effective date), with US$17
million having been paid on completion. The remaining purchase price is payable
on the completion anniversary date in equal instalments of US$11million over
the next five years.
represents an attractive opportunity for Whitehaven to grow its majority stake
in one of Australia’s most productive underground mines.
Michael van Maanen +61 8222 1171, +61 412 500 351