Whitehaven Coal Ltd. said Aug. 22 that it will increase its stake at the Narrabri coal mine in New South Wales, Australia, to 77.5% from the current 70%, by acquiring EDF Trading Australia, which owns a 7.5% stake in the mine.
The total consideration for the acquisition is US$72 million, with US$17 million payable on completion, and the remaining US$55 million payable over five years.
The acquisition will allow Whitehaven Coal to consolidate its dominant position in the Gunnedah Basin.
The completion of the transaction will have an effective date of July 1, 2019.
Whitehaven Coal failed to meet its revised salable coal production guidance for fiscal 2019, but its run-of-mine output exceeded guidance.
