Stanmore Resources has successfully completed its Eagle Downs transactions with South32 and Aquila Resources, a subsidiary of China Baowu Steel Group, the world’s largest steelmaker.
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All conditions have been satisfied in South32’s sale of Illawarra Metallurgical Coal, meaning M Resources and Golden Energy and Resources will soon become the official owners of the operation.
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South32 will work alongside the Western Australian Government to ensure its Worsley Alumina operation meets the state’s environmental standards following a decision from the WA Environment Protection Authority (EPA).
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South32 achieved major milestones across its operations in the March quarter but said Tropical Cyclone Megan has put its Groote Eylandt manganese operation in the Gulf of Carpentaria out of action until 2025.
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As conditions under Tropical Cyclone Megan ease in northern Australia, South32 has begun to assess the damage to its GEMCO manganese operations.
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BlueScope has said it will “consider its position” on whether to match the $2.5 billion offer on South32 Limited’s Illawarra Metallurgical Coal (IMC) in New South Wales.
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While South32 experienced lower metallurgical coal volumes in the 2023–24 financial half year (FY24), its safety wins were a boon for the company.
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Stanmore Resources has struck an agreement to acquire South32’s 50 per cent stake in the Eagle Downs coking coal mine in the Bowen Basin region of Queensland.
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