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McCullough and Minters advises on $37 million sale

McCullough and Minters advises on $37 million sale

Mitsui Coal has acquired a 49 per cent stake in the Woori Coal Project.

Firms: McCullough Robertson (Mitsui Coal Holdings Pty Ltd) Minter Ellison (Cockatoo Coal) 

Deal: Acquisition of a 49 per cent stake in the Woori Coal Project from ASX listed Cockatoo Coal Limited

Area: M&A

Value: $37.25 million.

Key players: The McCullough Robertson team included partner Janelle Moody, senior associates Jim Peterson, Sarah McBratney and Emma Jenkins and lawyer Liam Davis.Partner Paul Wentworth led for Minters.

Deal significance: The transaction was unique in that it not only involved the acquisition of coal assets but also the ‘unification’ of two existing joint ventures into one with the consolidation of the Collingwood, Ownaview and Taroom projects that the parties already held with the Woori coal project to form a single joint venture to be managed by Cockatoo Coal. The deal will enable the joint venture, known as the North Surat Joint Venture, to be a frontrunner in the development of coal mines in the resource rich Surat Basin in Queensland. The projects are close to the proposed Surat Basin Rail corridor which will facilitate access to the Wiggins Island Coal Export Terminal. Mitsui is to be appointed the exclusive marketing agent for coal produced by the North Surat Joint Venture with marketing rights worldwide except for South Korea, which will remain the domain for Cockatoo Coal and its marketing partner, SK Corporation.

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