South32 forays into the Bowen Basin with a stake in Eagle Downs

摘要

South32 is closer to a coking coal acquisition with anagreement to buy a 50% interest in the Eagle Downsproject in Queensland from China’s BaoWu Group.The purchase is conditional upon BaoWusuccessfully acquiring the remaining 50% of theproject from Brazil’s Vale, which, after the sale, wouldhave effectively exited the Australian coal space,leaving it with the ownership of the Belvedere projectand a Galilee Basin tenement. It is understood Valeinked a deal to sell its stake to BaoWu last Friday.