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Report: Whitehaven eyeing Pembroke's Olive Downs coal project

Whitehaven Coal Ltd. is eyeing a stake in the Olive Downs coking coal project in Queensland, Australia, owned by Pembroke Resources Pty. Ltd., The Australian reported Sept. 13.

UBS is handling the potential sale of a 25% to 35% stake in the project, although it is unclear if Whitehaven is looking to buy a stake or the entire project, which is believed to be worth over A$1 billion, according to the report.

However, the report noted that Pembroke is looking to sell the interest to one of its customers, rather than a competitor.

The company said in mid-May that it expects Olive Downs to start producing coal as early as 2020 after securing approval from the Queensland government to develop the mine.