Springsure Creek Coal was a subsidiary of Bandanna Coal, which went into receivership while trying to develop the Springsure Creek underground coal mine in Queensland.

“Whilst Acacia is disappointed that the Triumph Creek Agreements will not be completed, the Company considers that performance of the agreements would have been problematic given the appointment of Receivers and Administrators to SCC, and that the termination is not unexpected,” Acacia said.

“Acacia will now seek costs in respect of the proceedings on foot against SCC and pursue a number of other avenues now available to it in respect of the project.”

The termination of the Triumph Creek Agreements provides Acacia with the opportunity to also seek to withdraw its consent to the grant of the SCC Mining Lease Applications over the company’s Comet Ridge project, Acacia said.

“Acacia will pursue this in an expeditious manner so as to allow it to refocus on seeking alternative opportunities to create value for shareholders,” it said.