Stanmore Resources acquired the remaining 50% stake in MetRes, fully owning the coal company.
The acquisition was performed through a share sale agreement with Marmilu, the joint venture partner in MetRes, including a royalty deed and changes to the operating agreement.
Stanmore agreed to pay $1 for the asset but will also take on all assets, rights and responsibilities related to MetRes, including its $105 million finance facility and potential environmental rehabilitation liabilities.
As part of the agreement, a seller-based subsidiary, M Mining, will manage MetRes operations.