Eagle has landed

New owner not in a rush over mothballed half-built mine

Stanmore has finalised its $30 million plus royalties purchase of the partially built Eagle Downs coal project from its former owners, South 32 and Chinese-owned Aquila Coal.

Stanmore Resources will pay both South 32 and Baowu Steel Group around US$15 million upfront, plus millions more in payments linked to coal produced from the mine when (and if) it opens in the future. In the case of Baowu Steel Group, the royalties on future production could exceed $150 million depending on coal prices.

Having established full control, Stanmore says it won't