Whitehaven Coal pounces on full ownership of Tarrawonga coal mine

Company News

by Jessica Amir

Whitehaven Coal (ASX:WHC) has inked a deal to buy the remaining 30 stake in its Boggabri New South Wales mine, Tarrawonga.

Snapping up the JV’s 30 per cent stake from Idemitsu, subject to standard conditions, will see the coal mining giant own 100 per cent of the regional mine, which has a life of 18 years.

The mine has proved and probable reserves of 41 megatonnes. But this financial year it should produce 2.2 mega tonnes of run-of-mine (ROM) and 2 mega tonnes of saleable coal.

That includes 50 per cent metallurgical coal and the remainder being high quality thermal coal.

The company says Tarrawonga will enhance its equity production and coal sales once the deal is completed.

A transaction amount was not disclosed by either party.

Shares in Whitehaven Coal (ASX:WHC) closed about 1.2 per cent lower at $4.09.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter.