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MACH Energy advised on acquisition of Mount Pleasant coal mine

MACH Energy advised on acquisition of Mount Pleasant coal mine

Acquisition

A national firm has advised a prominent energy company on its agreement with an international coal company to establish a new joint venture in NSW.

Firm: Corrs Chambers Westgarth (MACH Energy); Herbert Smith Freehills (JCD Australia).

Deal: Corrs Chambers Westgarth has advised MACH Energy on its agreement with JCD Australia to establish the Mount Pleasant coal mine.

Under the agreement, JCDA will acquire a 5 per cent interest in the coal mine and MACH and JCDA will establish the joint venture to develop and operate the mine.

Value: Undisclosed.

Area: Energy, Resources and Projects.

Key players: The Corrs team was led by partner Bruce Adkins, who was supported by special counsel Stuart Clague.

Deal significance: Mount Pleasant, which is located in the Hunter Valley region of New South Wales, will be one of the “premier thermal coal mines in Australia” once fully developed, the firm said.

Construction is nearing completion, and first coal sales from the operation are expected in the second half of 2018.

Speaking about the deal, Mr Adkins said: “Corrs acted for MACH when it acquired the Mount Pleasant project from Rio Tinto in 2016 and has since worked with MACH on the project’s development.”

“We are delighted to have acted for MACH on this further significant transaction which is another important milestone for the company,” he said.

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