Firm: Corrs Chambers Westgarth
Deal: Stanmore Coal has been advised on its joint exploration and support agreement with Japan Oil, Gas and Metals National Corporation.
Value: $3 million
Key players: The Corrs Chamber Westgarth legal team was led by partner Bruce Adkins (pictured) and supported by special counsel Stuart Clague.
Deal significance: Under the Joint Exploration and Support Agreement (JESA), Stanmore Coal will receive $3 million to accelerate exploration, approvals and studies for its Isaac Plains East open cut project and Isaac Plains underground project, according to a statement from Corrs.
In exchange, Stanmore Coal will provide Japan Oil, Gas and Metals National Corporation (JOGMEC) with an annual right to tender a portion of the coking coal produced from the Isaac Plains projects to end users in Japan.
The annual right is to be split between coal produced from each Isaac Plains project, meaning it is contingent on each project reaching commercial production, the firm said.
Corrs also noted that the agreement is subject to approval from the Foreign Investment Review Board.
“The Corrs team is pleased to have worked with Stanmore Coal on this transaction with JOGMEC, which supports the development of the Isaac Plains East and Isaac Plains Underground projects,” Corrs partner Bruce Adkins said.