China’s biggest steel maker exits Queensland coal
Peter KerResources reporter
Stanmore Coal will consolidate ownership of Queensland’s undeveloped Eagle Downs coking coal mine after striking a deal with Chinese state-owned steel maker Baowu.
Stanmore will pay $24.7 million upfront for Baowu’s 50 per cent stake in Eagle Downs plus a nearby tenement, but may eventually pay an additional $273 million if certain coal production and price targets are met.
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