Leading independent law firm Johnson Winter Slattery has advised ASX-listed Bowen Coking Coal (ASX: BCB) on the sale of a 10 per cent stake in the Broadmeadow East Mine to Formosa for A$13M and royalties.
BCB and Formosa are already 90/10 joint venture partners in the Burton-Lenton Joint Venture which owns the neighbouring Burton and Lenton mines. BCB currently owns 100 per cent of the Broadmeadow East mine. The transaction will unify the ownership across the Burton, Lenton and Broadmeadow East mines, with the Broadmeadow East mine to be incorporated into the Burton-Lenton Joint Venture.
The incorporation of the Broadmeadow East mine into the Burton-Lenton Joint Venture allows for increased coal blending options to target specific markets and facilitates a reduction in operational complexity.
BCB is a Queensland based coking coal company which operates the Burton, Broadmeadow East and Bluff metallurgical coal mines, with the Isaac River mine under development and a number of advanced exploration assets.
The Formosa Group is a large diversified multi-national conglomerate headquartered in Taiwan.
The transaction was led by Energy & Resources Partners Bruce Adkins and Stuart Clague.
Stuart commented, “We are delighted to have represented Bowen Coking Coal on a string of transformational transactions which has seen them evolve from explorer / developer to producer in the past 2 years.”
About Johnson Winter Slattery
Johnson Winter Slattery is a leading independent Australian law firm with over 80 partners and six offices across Australia. We advise major corporates, funds and governments on their most challenging transactions and disputes.
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