Stanmore Coal and M Resources’ 50/50 joint venture MetRes has acquired the Millennium and Mavis Downs coal mine in Queensland, Australia, from former owner Peabody Energy Australia.
The JV plans to restart the operation near Moranbah, which is currently on care and maintenance, and create between 150 and 200 new jobs as it ramps up to 1 million tonnes per year beginning from its planned July start.
On the plan for MetRes’ changes: an underground expansion, as well as to continue and complete a rehabilitation of the site.
MetRes chairman Matt Latimore said the takeover gives it access to existing critical infrastructure.
“The acquisition opens the way to extracting full value from the Millennium and Mavis Downs mines by streamlining operations through auger and open cut mining methods, followed by underground extension from the existing highwalls,” he said.
M Mining, a wholly owned subsidiary of M Resources, will be the JV manager and operator of the mine.
The mine will perform all coal washing at the Red Mountain Infrastructure coal handling and preparation plant, and there is a toll washing and train loading deal in place along with rail and port capacity for the mine’s tonnage.
Millennium and Mavis Downs produces metallurgical coal and hard coking coal.