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Corrs and Clutz act on mining acquisition
Corrs Chambers Westgarth and Clayton Utz have acted on Queensland Coal Corporation's acquisition of mining tenements in the Surat Basin.
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Firms: Corrs Chambers Westgarth (Stanmore Coal Limited), Clayton Utz (QCC)
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Deal: Stanmore’s agreement with Queensland Coal Corporation (QCC) and acquisition of mining tenements in the Surat Basin
Area: Energy and resources
Value: Undisclosed
Key players: The Corrs team was led by partner Bruce Adkins (pictured), who was supported by senior associate Nathan Zaseybida
Deal significance: Under the agreement Stanmore will swap its Altamondt tenement (EPC 2177) for QCC’s EPCs 1274 and 1276, which are located near Brookfield and Eurombah and adjacent to Xstrata’s Wandoan coal project, in the Surat Basin. The tenements to be acquired by Stanmore Coal cover a combined area of 1371 square kilometres, which is more than Stanmore’s entire pre-existing tenement area of 1167 square kilometres. Stanmore believes the tenements to be highly prospective, with over 5.6 billion tonnes of JORC resources defined in adjacent areas.
“The acquisition of EPC’s 1274 & 1276 substantially increases our footprint in the Surat Basin. It creates the potential for a pipeline of Surat projects to build on the 5Mtpa of high quality thermal coal planned from The Range from late 2015. The prospective targets defined on EPC’s 1274 and 1276 support the company’s plans to develop additional, cost-competitive, open-cut mines that will capitalise on our strong position in respect of planned port and rail infrastructure,” said Nick Jorss, Stanmore’s managing director.
