The News

Carborough Downs sold to Fitzroy

  • Thursday, June 22, 2017

Source: Australia's Mining Monthly

AMCI subsidiary Fitzroy Queensland Resources has bought Brazilian giant Vale’s 90% interest in the Carborough Downs joint venture that owns the Carborough Downs longwall mine in central Queensland.

Apart from Carborough Downs, the purchase includes the Broadlea opencut operations, which are under care and maintenance, and a number of undeveloped coal tenements neighbouring Carborough Downs as well as certain adjoining land assets.

Carborough Downs Coal Management is the operator of the Carborough Downs mine on behalf of an unincorporated joint venture and will retain that role after the transaction.

Under the Fitzroy acquisition and expansion the mine will continue operations with the existing workforce and staff.

AMCI also established a subsidiary, Fitzroy Australia Resources, to manage the assets.

Fitzroy executive chairman Brian MacDonald said the transaction represented a landmark acquisition for AMCI and Fitzroy Australia Resources.

“We are excited by the opportunity to acquire a quality suite of assets in the world class Bowen Basin,” MacDonald said.

“The company is committed to safe and productive operations as its absolute priority. We are also keenly focused on growing out the portfolio of assets where it is commercially compelling so that over time we continue to develop a dynamic and successful business.”

AMCI is an international coal trader, mine operator and investor with assets across Australia, South Africa, Europe, South America and North America.

AMCI previously owned the assets subject to this agreement and have a deep knowledge of the resources and industry.