Stanmore Resources (ASX:SMR) has agreed to acquire the Moranbah South tenements from Exxaro Resources (JSE:EXX) for US$105 million ($145.57 million).
The transaction is conditional on Exxaro first completing its acquisition of Anglo American’s (LSE:AAL) 50% interest in the Moranbah South Joint Venture (MBS JV) through preemptive rights, giving Exxaro 100% of the MBS JV before transferring the assets.
Completion is expected before the end of Q4 2026, subject to Foreign Investment Review Board, Australian Competition and Consumer Commission, and indicative ministerial approvals.
Stanmore intends to fund the consideration using existing cash balances and liquidity, with the company noting the transaction does not require shareholder approval.
Located adjacent to Eagle Downs and the Isaac Plains Complex, the Moranbah South tenements hold 743 million tonnes (Mt) of coal resources, including 505Mt @ 18.5% volatile matter (VM), 219Mt indicated @ 17.6% VM, and 19Mt inferred @16.9% VM.
The tenements include mineral development licences MDL 277 and MDL 377, and exploration permit EPC 548.
CEO and Executive Director Marcelo Matos says the acquisition represents a significant milestone for the company’s development portfolio.
“The acquisition of the Moranbah South tenements … [increases] our resource base and [strengthens] the platform to deliver on our future growth aspirations,” Matos says.
“The tenements are strategically complementary to Stanmore’s neighbouring projects, particularly Eagle Downs and the Isaac Downs Extension.”
According to Matos, the acquisition extinguishes up to US$60 million of deferred and contingent consideration under the 2024 designated area agreement, which permitted access to the Isaac Downs Extension.
“This further enhances the value of the transaction and the economics of the Isaac Downs Extension,” he remarks.
Following completion, Stanmore plans to commission an independent resource report for the assets.
Stanmore Resources controls and operates the South Walker Creek, Poitrel, and Isaac Plains Complex metallurgical coal mines, as well as the Isaac Downs Extension, Eagle Downs, and Lancewood projects in Queensland’s Bowel Basin region.
Write to Paula Fabe at Mining.com.au
Images: Stanmore Resources
