24.10.2023

Record: Bauer India constructs the deepest diaphragm wall element during a subway project in Patna in India

• Bauer Engineering India Private Limited was awarded the contract for diaphragm wall work at a total of four stations as well as for a retrieval shaft.
• The deepest barrette foundation element ever constructed at Patna Metro which was installed at a depth of 75 m using a hydraulic grab.  
  
  

19.10.2023

Flatiron JV to deliver North Carolina Roadway Improvements

Flatiron JV to deliver North Carolina Roadway Improvements to prepare for U.S. Open Golf Championships  

18.10.2023

Zinnwald Lithium and Metso advance joint testwork program for beneficiation plant concept

Zinnwald Lithium plc, the European focused lithium company developing the integrated Zinnwald Lithium Project in Germany is pleased to announce that, in conjunction with Metso, it continues to make excellent progress developing the beneficiation plant concept for the integrated Zinnwald Lithium Project located near to Dresden, Germany.  

18.10.2023

Mount Isa Mines operational changes - copper and zinc mine closure

Glencore has notified its workers that after 60 years of copper mining, the Mount Isa Mines underground copper operations (Enterprise, X41 and Black Rock) and copper concentrator will close in H2 2025.  

Market-Place-4.0 BHP Group Whitehaven Coal Mitsubishi Development

18.10.2023

Whitehaven Coal acquires Daunia and Blackwater coal mines from BHP Group and Mitsubishi Development

Whitehaven Coal acquires Daunia and Blackwater coal mines from BHP Group and Mitsubishi Development (credits: Whitehaven Coal)

Whitehaven Coal announce it has executed definitive sale agreements with BHP Group and Mitsubishi Development Pty Ltd to acquire 100% of both the Daunia and Blackwater coal mines in a highly attractive and transformative acquisition.

Acquisition highlights

• Whitehaven to acquire 100% of the Daunia and Blackwater metallurgical coal mines from BMA for an aggregate cash consideration of US$3.2 billion1 comprising:
  • US$2.1 billion upfront consideration payable on completion, and
  • US$500 million, US$500 million and US$100 million in separate tranches of deferred consideration payable on the first, second and third anniversary of the completion date2.
• In addition, contingent payments of up to US$900 million; comprised of three annual payments (payable on the date which is three months after the relevant anniversary of completion) dependent on realised pricing exceeding agreed thresholds3, with annual contingent payments capped at US$350 million.
• To be funded via a combination of available cash, a US$900 million bridge facility and cashflows of Whitehaven’s enlarged business over FY2025, FY2026 and FY2027.
• Highly attractive acquisition for Whitehaven and is expected to be materially earnings accretive4, with upfront and deferred payments together implying an acquisition multiple of 1.8x EV / FY2024F EBITDA using spot prices and 2.9x using broker consensus coal prices5.
• Delivers significant value upside with attractive growth opportunities in Queensland’s Bowen Basin, including synergies with Whitehaven’s Winchester South development project.
• Transforms Whitehaven into a metallurgical coal producer in line with strategy, with pro-forma managed Run of Mine (“ROM”) production of around 40 million tonnes6 per annum and pro-forma revenues of around 70% metallurgical coal and 30% thermal coal7.
• Consolidates Whitehaven’s position as the leading Australian ASX listed metallurgical coal producer, with multiple benefits from increased diversification and scale.
• Increases exposure to attractive high-growth market regions including India and Southeast Asia, while strengthening and diversifying end market exposures currently focused on Japan, South Korea and Taiwan.
• Completion of the Acquisition is expected in the June 2024 quarter subject to satisfying conditions precedent including regulatory and merger control approvals.

Source: Whitehaven Coal

#mergers and acquisitions #power plants #coal #hard coal #metallurgical coal #Australia (AU) #Whitehaven Coal #BHP Group #Mitsubishi Development #Mining #surface mining, quarrying