find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
Thermal coal project to be acquired

Thermal coal project to be acquired

Bruce Adkins, Corrs Chambers Westgarth

Two firms are advising on the acquisition of the Mount Pleasant thermal coal project in NSW.

Firms: Corrs Chambers Westgarth (MACH Energy Australia Pty Ltd); Allens Linklaters (Rio Tinto)

Deal: MACH Energy Australia has agreed to acquire the Mount Pleasant thermal coal project from Rio Tinto.

Value: $320 million, plus royalties

Area: M&A

Key players: The Corrs Chambers Westgarth team was led by partner Bruce Adkins (pictured) with support from special counsel Stuart Clague and lawyer Ben Pattison. Partner Christine Covington led the Corrs Chambers Westgarth team advising on the environment, water and property aspects of the transaction.

Deal significance: Mount Pleasant is a large-scale thermal coal asset in the Hunter Valley region of NSW with total marketable reserve of 474 million tonnes.

Under the binding agreement, MACH Energy Australia will acquire Mount Pleasant from Rio Tinto for US$224 million (A$320 million), plus royalties.

The purchase price includes a completion payment of US$83 million, two unconditional deferred payments of US$58 million and a conditional payment of US$25 million.

The royalty component is payable quarterly at two per cent of gross FOB revenue for coal sold from the first 625 million tonnes of run-of-mine coal (equivalent to 474 million tonnes of marketable reserves) when prices exceed US$72.5/tonne.

Corrs Chambers Westgarth lead partner Bruce Adkins said: “This is a significant transaction and represents a vote of confidence in the Australian coal sector.”

Completion of the transaction is expected by the second quarter of 2016 and is subject to certain conditions precedent being met, including completion of a restructure of Coal & Allied and regulatory approvals.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017


Thermal coal project to be acquired
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Violence
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
marriage equality
Nov 16 2017
Legislation the next hurdle for marriage equality
Lawyers have underscored the importance of ensuring same-sex marriage legislation does not limit ant...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...