Whitehaven takes full ownership of Vickery South
PERTH (miningweekly.com) – Coal miner Whitehaven Coal has taken full ownership of the Vickery South project, in the Gunnedah basin, after acquiring Itochu Corporation’s remaining interest in the project.
The transaction with Itochu involved Whitehaven acquiring the Japanese firm’s 29% interest in the joint venture, as well as its right to increase this stake to 49% through a farm-in arrangement.
It also involved the termination of Itochu’s exclusive offtake and sales agency arrangements relating to the project.
In exchange for its interest in the Vickery South project, Itochu received 11.47-million shares in Whitehaven.
The Vickery South project is located adjacent to Whitehaven’s existing Vickery project, which MD Tony Haggarty said provided a strategic opportunity for the company to consolidate the two projects.
“As stated in our recent interim results, there are compelling operational and economic benefits from combining these two assets,” Haggarty noted.
The Vickery South project comprises 52-million tons of Joint Ore Reserves Committee-compliant resource, which, when combined with the Vickery project provided an overall resource of 537-million tons, of which 148-million was measured, 183.5-million tons indicated and 205-million tons inferred.
The Vickery project involves the development of an opencut coal mine producing up to 4.5-million tons a year of coal, for a life-of-mine of 30 years. Mining at Vickery would be a restart of former operations, with development consent for mining originally granted in 1986.
The Vickery South project was not included in the approvals process, and any inclusion of this deposit into the development would be subject to the relevant processing approvals, Whitehaven said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
