BHP, Australian-British multinational mining, metals and petroleum company, sold its 80% interest in BHP Mitsui Coal to Australian resources company Stanmore Resources, on Tuesday.
Japanese Mitsui holds the remaining 20% share in the company.
The total cash consideration for the transaction will be up to $1.35 billion plus the final completion adjustment amount.
Stanmore paid $1.1 billion cash consideration at completion plus a preliminary completion adjustment of approximately $200 million for working capital.
Additionally, $100 million cash remains payable to BHP in six months on 3 November 2022 with potential for an additional amount of up to $150 million in a price-linked earnout payable to BHP in the 2024 calendar year.
By Zeynep Beyza Kilic