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Hynes acts in major mining deal

Hynes acts in major mining deal

Hynes Lawyers has announced the funding of $360 million to its client MCGH from Macarthur Coal Limited, represented by Corrs Chambers Westgarth. $334.35 million of this funding was used to…

Hynes Lawyers has announced the funding of $360 million to its client MCGH from Macarthur Coal Limited, represented by Corrs Chambers Westgarth.

$334.35 million of this funding was used to acquire a major coal tenement located in Queensland's Bowen Basin, while the remaining funding will be utilised to finance exploration work and a feasibility study for the mine.

In exchange for the funding, Macarthur will emerge with a 90 per cent stake in MCGH. MCGH's parent entity will hold the remaining 10 per cent interest and be offered a seat on the board of MCGH.

Hynes Lawyers' Glenn Vassallo acted for MCGH and said the deal enabled his client to fulfill an eight year corporate vision.

Like this story? Read more:

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Hynes acts in major mining deal
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