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New $1B Central Qld coal mine sells majority stake

Pembroke Resources
Pembroke Resources

A controlling interest in a new resources development is available in Queensland’s Isaac region.

Pembroke Resources has appointed Jeffries to sell a 70 per cent stake in the recently opened Olive Downs Coking Coal Project, 40km southeast of Moranbah.

Mainstream speculated the successful bidder could pay more than $1 billion for their share of the operation.

“DataRoom understands that the sale process is now in the second round and Mach Energy, owned by Indonesian conglomerate The Salim Group, and Stanmore Coal – 59 per cent owned by Golden Energy and Resources which, in turn, is owned by Indonesian conglomerate Sinar Mas – are the final two contenders,” News Limited reported.

Rumours spread shortly after more than 700 workers applauded the mine’s official opening.

The operation will produce up to 15 million tonnes of product annually over the next 80 years.

Coal will be transported via rail to the Dalrymple Bay Coal Terminal, Japan, India, South Korea and other offshore markets.

Thiess was earlier contracted to deploy 21 driverless haul trucks and three drills fitted with the same technology. A private LTE network will also operate on existing communication infrastructure, enabling safe operation of more than 85 connected assets within the autonomous operating zone.

At full capacity 15 autonomous Cat 794 AC trucks, six autonomous Cat 793F trucks and three autonomous Cat MD6310 drills will operate at the same mine site. Cat MineStar Command technology will simultaneously control both hauling and drilling.

More than 280 team members were upskilled to support delivery of autonomous operations for improved safety, operating hours, cycle efficiency and cost savings.

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