MetRes – a 50/50 joint venture between Stanmore Coal and M Resources – has completed the acquisition of the Millennium and Mavis Downs coal mine near Moranbah from Peabody Energy Australia.
The Millennium coal mine, which is adjacent to Stanmore’s Isaac Downs project, is currently in care & maintenance.
The JV partners intend to restart mining operations next month in a move that is expected to create more than 150 new jobs.
“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,” Stanmore said in a statement.
Queensland’s Resources Minister Scott Stewart said the sale agreement – which saw Stanmore take on a $32 million rehabilitation obligation associated with the mine – would aid Queensland’s post-COVID-19 economic recovery.
“This venture will create more than 150 jobs through investment in underground expansions and completion of rehabilitation obligations,” Mr Stewart said.
“With a predicted mine life of 22 years including rehabilitation, these are lasting jobs and will create long-term royalties that will benefit all Queenslanders.
“This investment is a strong sign of the growing confidence in our resources sector as Queensland continues its road to economic recovery.”
