Corrs Chambers Westgarth has followed through for a long-time client with the formation of a new joint venture.
Corrs advised MACH Energy Australia on its agreement with JCD Australia (JCDA), a subsidiary of Japan Coal Development (JCD), to form a joint venture for the Mount Pleasant project.
JCDA will acquire a 5% stake in the Mount Pleasant coal project and has agreed to form the joint venture to develop and operate the Mount Pleasant Mine. JCD will buy the Newcastle benchmark product MTP 6000 coal from the joint venture under an offtake agreement.
JCD will also exclusively market the joint venture to a select group of Japanese power utilities and undertake non-exclusive marketing activities for the joint venture to other customers in Japan. MACH, alongside JCD, will market coal to non-exclusive customers in Japan. MACH is free to sell coal to other customers outside of Japan.
Corrs acted for MACH when it acquired the project from Rio Tinto in 2016, said Mark Adkins, Corrs partner. Allens advised Rio Tinto in that transaction. The firm has been working with MACH on the project’s development ever since, he said.
Adkins led the Corrs team, with support from special counsel Stuart Clague.
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