Tag: Eagle Downs

Central Queensland should know the future of the Eagle Downs metallurgical coal project near Moranbah within three months.

In its quarterly report today South32 said it remained on-track to consider a final investment decision with its joint venture partner by the end of this calendar year.

Eagle Downs is a large metallurgical coal development project located about 25km south-east of  Moranbah and down dip of BMA’s Peak Downs mine.

The project was placed under care and maintenance in late 2015 after initial development work that delivered site infrastructure including water supply and high voltage systems, office. . .

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South32 will assume operational control of the Eagle Downs metallurgical coal project in Queensland’s Bowen Basin after signing a deal with BaoWu Steel Group subsidiary Aquila Resources.

South32, which owns north-west Queensland's Cannington mine, will acquire a 50 per cent interest in the project.

The deal includes an upfront payment of about $140 million  ($US106 million) upon completion of the acquisition and a deferred payment of
$35.7 million ($US27 million) due three years after completion.

A coal price linked production royalty will also be payable and is capped at $106 million ($US80 million).

Eagle Downs is. . .

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