Corrs Chambers Westgarth has advised Stanmore Coal Limited (Stanmore Coal) in relation to its recently announced Joint Exploration and Support Agreement (JESA) with Japan Oil, Gas and Metals National Corporation (JOGMEC).
Under the JESA, Stanmore Coal will be provided with funding of A$3 million which it will use to accelerate exploration, approvals and studies for its Isaac Plains East open cut project and Isaac Plains Underground Project. In exchange, Stanmore Coal will provide JOGMEC with an annual right to tender a portion of the coking coal produced from the Isaac Plains projects to end users in Japan. The annual right is to be split between coal produced from each Isaac Plains project, meaning it is contingent on each project reaching commercial production.
The JESA is currently subject to approval from the Foreign Investment Review Board.
The Corrs team was led by Partner Bruce Adkins and supported by Special Counsel Stuart Clague.
Corrs Partner Bruce Adkins commented: “The Corrs team is pleased to have worked with Stanmore Coal on this transaction with JOGMEC which supports the development of the Isaac Plains East and Isaac Plains Underground projects.”