Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Anglo American will sell its 83.33% interest in Dartbrook Coal Mine—located in the Hunter Valley, New South Wales, Australia—to Australian Pacific Coal for A$50 million (approximately US$36 million).
Underground mining at Dartbrook in New South Wales ceased in 2007 and the mine is under care and maintenance.
Payment will comprise of an upfront cash payment of A$25 million and the grant of a royalty equal to A$3.0 for each tonne of coal produced by the operation in the future and A$0.25 for each tonne of coal sourced from other sites and processed using Dartbrook’s processing infrastructure.
The transaction is expected to complete by mid-2016.
Earlier this month Anglo American announced a “radical” restructuring to cope with weak commodity prices.
