MetRes Acquires Millennium & Mavis Downs Coking Coal Mines
Stanmore Resources Limited announced the completion of the Millennium and Mavis Downs Mine acquisition from Peabody Energy Australia with all conditions precedent satisfied by MetRes Pty Ltd, a 50:50 joint venture between Stanmore and M Resources. Auger mining is scheduled to commence August 2021, with rail and port logistics contracts executed providing a clear path to delivery allowing the Company to take advantage of favourable market conditions.
MetRes expects to ship its first coal from the the Millennium and Mavis Downs metallurgical coal mine in Queensland in October after it begins mining next month. MetRes hired Coal Augering Services for auger operations at the site.
Millennium and Mavis Downs is expected to produce 13.9 million tonnes of metallurgical coal across its mine life.