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Excel will acquire a further 7.4% of Millennium from Millennium’s minority shareholders. Consideration for the shares is 2,160,900 new, fully-paid Excel shares plus $0.114 per new Excel share ($246,342 in total).
Last month Excel said it would fund an $86 million infrastructure joint venture in return for three coal tenements hosting resources of 66 million tonnes of coal from joint venture partner BHP Mitsui Coal (BMC).
Under the Red Mountain joint venture, the design capacity of infrastructure at BMC's Poitrel project and Excel subsidiary Millennium's developing Moranbah opencut mine will be upgraded to 6Mt per annum with each partner taking half the planned capacity.
