Australian Mining Sector Update: December 2017 - Recently Completed Deals

Bounty Mining acquires Cook Colliery and other assets

As foreshadowed in our November 2017 edition, Bounty Mining Limited ( Bounty ) has acquired most of the assets of Caledon Coal and Blackwater Coal Pty Ltd (including the Cook Colliery coal mine and the Minyango Coking Coal Project ) for a total of A$31.5 million (with A$6.7 million to be paid on completion and the balance to be deferred and paid over 18 months). In a media release dated 11 November 2017, Bounty confirmed that it had raised A$17 million through an over-subscribed institutional placement to support the acquisition.

Bounty also announced a separate but related A$10 million acquisition from Cook Resource Mining Pty Ltd of assets associated with the Cook Colliery. The acquisition grants Bounty full ownership of the Cook Colliery assets, which include a related mining lease, rail loop, wash plant and coal marketing rights.