Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Canadian headquartered Stella Natural Resources Inc (SNR) in relation to the recently announced agreement with Australian Pacific Coal Limited (AQC) to establish the Dartbrook Mine incorporated joint venture.
Under the agreement, SNR will acquire a 50% interest in the Dartbrook project for A$20 million, and SNR and AQC will establish the Dartbrook joint venture to develop and operate the mine.
The Dartbrook project is currently on care and maintenance, however the parties intend to recommence coal production in 2019. SNR will be appointed Manager for the recommencement and operations of the underground mine, and will be responsible for obtaining all required funding for the life of the operation.
Dartbrook is located in NSW’s Hunter Valley and has substantial infrastructure already in place, including a coal handling and processing plant and train load out facilities.
The transaction is subject to various conditions with completion expected in the first quarter of 2019.
David Stone, CEO of Stella Natural Resources said, “For SNR, Dartbrook is the entry operation into the Australian coal sector after the successful integration of our US assets and we look forward to expanding our footprint as we successfully implement.”
The Corrs team was led by partner Bruce Adkins, and supported by Special Counsel Stuart Clague and Lawyer Caitlin McPhee.
Corrs partner Bruce Adkins said, “We are pleased to act for SNR on its joint venture with AQC, and we look forward to assisting SNR and AQC implement their plans to re-start the Dartbrook underground mine and achieve first coal during 2019.”