Whitehaven Coal (ASX:WHC) expands interest in Narrabri Mine

Company News

by Rachael Jones

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$2.440 $0.034 1.43%
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Last Updated: 29/01/2020 10:41 AM

Whitehaven Coal (ASX:WHC) has completed the acquisition of EDF Trading Australia, which owns a 7.5 per cent interest in the Narrabri underground mine.

Closing the acquisition brings Whitehaven’s ownership interest in the mine to 77.5 per cent and triggers pre-emptive rights in favour of each of the Narrabri Joint Venture Participants, including Whitehaven.
The total consideration for the acquisition is US$72 million, with US$17 million having been paid on completion.

The remaining purchase price is payable on the completion anniversary date in equal instalments of US$11million over the next five years.

Shares in Whitehaven Coal (ASX:WHC) closed 2.7 per cent lower at $2.57.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.