McCullough Robertson has acted on behalf of Mitsui Coal Holdings Pty Ltd in the acquisition of a 49% stake in the Woori Coal Project from ASX listed Cockatoo Coal Limited for $37.25 million.
Our team, led by Partner Janelle Moody, completed the initial due diligence, provided structuring advice and negotiated the transaction documentation through to completion of the deal.
The complex transaction was unique in that it not only involved the acquisition of coal assets but also the ‘unification’ of two existing joint ventures into one with the consolidation of the Collingwood, Ownaview and Taroom projects that the parties already held with the Woori coal project to form a single joint venture to be managed by Cockatoo Coal.
The deal will enable the joint venture, known as the North Surat Joint Venture, to be a frontrunner in the development of coal mines in the resource rich Surat Basin in Queensland. The projects are close to the proposed Surat Basin Rail corridor which will facilitate access to the Wiggins Island Coal Export Terminal.
Mitsui is to be appointed the exclusive marketing agent for coal produced by the North Surat Joint Venture with marketing rights worldwide except for South Korea, which will remain the domain for Cockatoo Coal and its marketing partner, SK Corporation.
The McCullough Robertson team acting for Mitsui included Janelle Moody, Partner Jim Peterson, Senior Associates Sarah McBratney and Emma Jenkins and lawyer Liam Davis.