Corrs advises on QLD coal deposit sale

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Corrs Chambers Westgarth has advised Peabody Budjero Pty Ltd on the sale of Mineral Development Licence 162 (MDL 162) to a subsidiary of Wesfarmers Resources for $70 million.

The Corrs team was led by partner Bruce Adkins, supported by associate Aaron Burke.  
    
“ It is a transaction that was conceived, negotiated and signed in very good time,” Adkins said.  

Herbert Smith Freehills acted for Wesfarmers Resources.

Peabody Budjero – an Australian subsidiary of the New York Stock Exchange listed Peabody Energy Corporation - sold the licence to the deposit located in Queensland’s Bowen Basin which contains 67 million tonnes of coal.  

The MDL 162 area is located between two of Wesfarmer’s current coal operations, allowing the company to increase its potential coal reserves by 29%.