Itochu Buys Aston Resources Maules Creek Stake For A$345 Million
07 Dezember 2010 - 11:28PM
Dow Jones News
Coal developer Aston Resources Ltd. (AZT.AU) sold a 15% stake in
its Maules Creek mine to Japanese commodity trader Itochu Corp.
(8001.TO) for A$345 million, the miner said Wednesday.
The deal values the mine, which mining entrepreneur Nathan
Tinkler bought from Rio Tinto Plc (RIO) subsidiary Coal &
Allied Industries Ltd. (CNA.AU) in November 2009 for A$480 million,
at A$2.3 billion.
Aston, whose only major asset is the coking and thermal coal
mine in the Gunnedah Basin of northern New South Wales state,
floated for A$1.3 billion in August this year.
The company said the money would be payable in one block upon
completion of the deal and would allow Itochu to act as exclusive
marketing agent for Maules Creek coal into Japan with an option to
purchase 15% of the mine's production every year.
The companies also agreed to extend an exclusivity agreement
allowing Itochu to purchase a further 10% stake in the mine, while
Itochu promised to help raise money for the project.
"Itochu will use reasonable endeavours to procure that the Japan
Bank for International Cooperation provides financing to Aston
Resources and the Maules Creek Coal Joint Venture on terms
reasonably acceptable to Aston Resources," Aston said in a
statement.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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