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Australia’s New Hope to acquire Mitsui’s 10pct stake in Bengalla coal mine

Coal News - Published on Wed, 28 Nov 2018

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Reuters reported that New Hope Corp Ltd will buy a further 10 percent stake in the Bengalla thermal coal mine in Hunter Valley, New South Wales from Japan’s Mitsui & Co Ltd for AUD 215 million. New Hope will now own up to an 80 percent interest in Bengalla. The mine contributed more than half of the company’s profit last year and is expected to continue producing for more than 20 years.

The Mitsui transaction comes three months after Wesfarmers Ltd struck a deal to sell its stake in the Bengalla mine to New Hope, which held a 40 percent stake in the mine at the time.

New Hope said that Taiwan’s Taipower, which currently holds a 10 percent stake in the mine, will buy another 10 percent from Wesfarmers.

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Posted By : Nanda Koijam on Wed, 28 Nov 2018
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