Whitehaven Coal Completes Tarrawonga Acquisition
Tarrawonga is estimated to have a remaining mine life of 18 years, Whitehaven plans to source what it calls, “some of the highest quality coal available in the seaborne market.”
Whitehaven Coal (ASX:WHC) reports it has received ministerial consent and approval for the transfer of Idemitsu’s (TSE:5019) 30 percent joint venture interest in the Tarrawonga mine to the company. The acquisition increases Whitehaven’s equity share in annual saleable coal production by about 0.55Mtpa.
The acquisition process began late last year, the completion of the deal has provided Whitehaven with a 100 percent stake in the Tarrawonga mine.
Tarrawonga is scheduled to produce 2.2Mt of ROM and 2.0Mt of saleable coal in FY2018 of which approximately 50 percent is metallurgical coal and the balance being high quality thermal coal. Remaining mine life is over 18 years based on current proved and probable reserves of 41Mt.
As quoted from the press release:
Whitehaven’s CEO and MD, Paul Flynn, said that the acquisition of the Joint Venture interest in the Tarrawonga mine will enhance Whitehaven’s equity production and sales of high quality coal from the Gunnedah Basin.
“The completion of the acquisition further consolidates Whitehaven’s position in the Gunnedah Basin, the source of some of the highest quality coal available in the seaborne market,” said Flynn.
