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Stanmore Coal has decided to invest $135 million in the Eagle Downs coal project, aiming to acquire a 50% stake in the venture.
The project is situated in Queensland's Bowen Basin, renowned for its rich coal deposits. Stanmore Coal is optimistic about the potential of this investment.
Stanmore's investment includes $30 million in cash and an additional $105 million in staged payments. These payments will be made over two years, reflecting the company's confidence in the project's long-term viability.
The acquisition of a 50% stake in the Eagle Downs project represents a significant step for Stanmore Coal, allowing them to diversify their portfolio and expand their presence in the coal market.
Eagle Downs is expected to produce high-quality metallurgical coal, which is essential in the production of steel. The demand for this type of coal remains strong, particularly in industries reliant on steel manufacturing.
The project is estimated to have a lifespan of more than 50 years, providing Stanmore Coal with a stable source of revenue for decades to come.
Furthermore, the Eagle Downs project is strategically located near existing infrastructure, simplifying logistics and reducing operational costs.
This investment aligns with Stanmore Coal's commitment to sustainable and responsible mining practices. The company aims to minimise its environmental footprint and ensure the well-being of surrounding communities.
Stanmore Coal's decision to invest $135 million in the Eagle Downs project reflects their confidence in the venture's potential. With a 50% stake in the project, Stanmore aims to capitalise on the demand for high-quality metallurgical coal and secure a stable source of revenue for the future.
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