Firms: Corrs Chambers Westgarth (Peabody Energy Australia); Herbert Smith Freehills (South32 Limited)
Deal: Peabody Energy Australia has sold its Metropolitan coal mine project to South32 Limited.
Value: US$200 million
Key players: The legal team advising Peabody Energy Australia was led by Corrs Chambers Westgarth partner Bruce Adkins (pictured) and supported by special counsel Stuart Clague.
Deal significance: The Metropolitan coal mine project is an underground metallurgical coal mine located in the southern coalfields of NSW.
South32 will acquire the Metropolitan coal mine project for a cash purchase of US$200 million, subject to a customary working capital adjustment.
The completion of the transaction is subject to approval from the Australian Competition and Consumer Commission.
“The Corrs team is delighted to have worked with Peabody on this significant transaction,” said Corrs partner Bruce Adkins.
“Despite the recent doom and gloom surrounding the Australian coal sector, this and other recent transactions demonstrate that quality Australian coal assets continue to be in demand.”