South32 buys 50% stake in coal venture from manganese customer Baowu

South32 has agreed to buy a 50% stake in Australian metallurgical coal project Eagle Downs from Aquila Resources, a subsidiary of China Baowu Steel Group.

South32, which will operate the project in the Bowen Basin, Queensland, will pay $106 million when the transaction is completed and will make a deferred payment of $27 million three years later. Aquila, which is 85% owned by Boawu subsidiary Baosteel Resources, will continue to own the remaining 50%...

Published

Janie Davies

May 30, 2018

09:15 GMT

London