BHP Group Closes USD 1.35bn Sale of BHP Mitsui Coal Stake.
MANews-(C)2009-2022
Australia-based iron ore company BHP Group Ltd (NYSE: BHP) has completed the sale of its 80% interest in the BHP Mitsui Coal metallurgical coal joint venture to Stanmore SMC Holdings Pty Ltd, a wholly owned entity of Australian resources company Stanmore Resources Ltd (ASX: SMR), the group said.
Stanmore Resources has paid AUD 1.1bn (USD 1.35bn) cash consideration at completion plus a preliminary completion adjustment of approximately USD 200m for working capital.
USD 100m cash remains payable to BHP in six months on 3 November 2022 with potential for an additional amount of up to USD 150m in a price-linked earnout payable to BHP in the 2024 calendar year.
The total cash consideration for the transaction will be up to USD1.35 bn plus the final...
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