Stanmore Resources Executes Deal with Moranbah South Joint Venture

MT Newswires Live09-04

Stanmore Resources (ASX:SMR) completed an agreement with the Moranbah South joint venture for the rights to explore and apply for a future mining lease over a designated area on the JV tenements adjacent to the company's Isaac South project, according to a Wednesday filing with the Australian Securities Exchange.

The agreement also permits large-scale mining operations in the Isaac South project and Rangal coal measures within the designated area, subject to environmental impact studies and mining approvals, the filing said.

Consideration for the transaction includes $15 million in cash upon signing and completion, $20 million upon first coal being mined or 10 years after a mining lease is granted over the designated area, and a capped royalty of up to $40 million in the future based on specific coal price thresholds, according to the filing.

Anglo Coal Grosvenor owns 50% of the Moranbah South JV, while Exxaro Australia has the other 50%.

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