In a deal announced on December 23, White said it would sell a 49% interest in UK holding company River Energy Joint Venture to Black River.
The holding company houses the exclusive rights to White’s coal upgrading tech plus Mountainside Coal, which White acquired in October 2013.
The nearly $18 million transaction with Black River, which previously had an earlier JV agreement to help commercialise White’s binderless coal briquetting tech in the African market, was completed yesterday.
“White Energy and Black River will now work together to grow the Mountainside Coal Company business, including progressing plans to construct and commission a coal wash plant and BCB plant at the site, as well as target other coal fines investment opportunities in the near term,” White said.
“The existing African joint venture is progressing and it is the intention of both parties to continue to jointly commercialise the many opportunities currently under review in South Africa.”
Mountainside operates several mines to produce about 400,000 tonnes of coal per annum for sale to industrial customers in the US and Canada.
White’s patented BCB technology upgrades high moisture, lower grade coals but is also being considered for transforming waste coal fines into a saleable product.