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Pembroke Resources Acquires Metallurgical Coal Assets for USD 88.41m.

M2 EQUITYBITES-May 11, 2016-Pembroke Resources Acquires Metallurgical Coal Assets for USD 88.41m


11 May 2016 - Australian coal assets acquisition company Pembroke Resources has acquired from various Australian subsidiaries of US-based coal company Peabody Energy Inc. and Hong Kong-based natural resource mining company CITIC Resources Holdings Ltd. their interests in metallurgical coal tenements that collectively encompass the Olive Downs Complex in Queensland's Bowen Basin, the company said.

The total consideration is USD 88.41m (AUD 120m), plus an agreed royalty.

Pembroke Resources is backed by Australia-based energy-focused global private equity firm Denham Capital,

The Olive Downs Complex comprises Olive Downs South, Willunga, and Olive Downs North, with rights to four Exploration Permits for Coal and two Mine Leases (both for ODN).

Pembroke has acquired a 100% interest in ODS and Willunga. Subject to the approval of the minority partners, the company has agreed to acquire an 87.3% interest in ODN.

The company said it will continue to assess other acquisition and development opportunities as it seeks to further build out its portfolio of high quality metallurgical coal assets.

Pembroke Resources is an Australian-based company focused on the acquisition and development of a portfolio of metallurgical coal assets in the Asia-Pacific region. Pembroke Resources was formed in 2014 with an equity commitment from Denham Capital.

Denham Capital is an energy and resources-focused global private equity firm with more than USD 8.4bn of invested and committed capital across eight fund vehicles and offices in Perth, Houston, London and Boston.

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Publication:M2 EquityBites (EQB)
Date:May 11, 2016
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