A resources producer attracted major funding for its flagship coal operation.
New Hope Corporation (NHC) recently purchased a 15 per cent stake in Malabar Resources.
The deal involved NHC acquiring more than 75.5 million ordinary shares for $1.25 each using existing cash. AMR can reveal the deal is worth $94.4M.
The investment will support Malabar’s Maxwell Underground Coal Mine, 116km northwest of Newcastle. The project is expected to create 250 construction jobs plus a further 350 full-time operational positions.
“The company’s investment in Malabar facilitates delivery of a project with strong technical and operational foundations, and the ability to unlock value with the use of significant established infrastructure,” NHC said in a public statement.
“[It also] provides attractive investment returns over the life of the project with additional upside return opportunities from diversified enterprises, including exploration and agricultural assets – and the future development of an approved 25 megawatt solar farm.”
The target company separately completed a $250M equity capital raising. These funds will be pooled with a $165M senior debt facility, $75M pre-payment facility, and $22M in cash to fully fund development.
Mining leases were granted in November 2021 and the project has already received final state and federal approvals. Construction started in May 2022, and the mine is expected to have a capacity of 3.6M tonnes per annum with a lifespan exceeding 25 years.
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looking for a job ,good to see this advanced of this project
Hi Grant, here is a full list of job opportunities we know about: https://www.qmeb.com.au/tag/jobs