Carabella next possible sale

CARABELLA Resources may be the next Australian independent coal mining group to fall into foreign ownership since Chinese giant Yanzhou launched an $A8 billion merger for Gloucester Coal late last year.
Carabella next possible sale Carabella next possible sale Carabella next possible sale Carabella next possible sale Carabella next possible sale

Carabella Resources managing director Anthony Quin

Lou Caruana

Carabella has prime coking tenements in Queensland’s Bowen Basin, adjacent to Anglo American and BHP Billiton Mitsubishi Alliance tenements.

The company confirmed to ILN its Grosvenor West prospect was attracting international attention.

“We have indicated publicly that we have received several unsolicited expressions of interest in our Grosvenor West project and have set up a data room,” a spokesperson for Carabella told ILN.

“The company has not received any formal proposal in this regard.

“We have also made clear that a partial project sell-down is only one of several funding options under evaluation.”

Carabella recently completed an oversubscribed $24 million capital raising to extend its exploration activities and firm up its Grosvenor West resource estimate.

“Regarding Carabella’s placement, we don’t intend to elaborate further about the names of the specific parties involved,” the spokesperson told ILN.

“Suffice to say it was strongly supported by institutional investors in the US, Europe, Asia and Australia.”

Carabella has completed a preliminary drilling program at its northern Bowen Basin tenement, Mabbin Creek (EPC 1069), which resulted in the delineation of its maiden JORC coking coal resource of approximately 92 million tonnes at the Grosvenor West prospect.

Managing director Anthony Quin previously said the company would have a clearer idea on a valuation for the project after completing a concept study by the end of December.

He said Carabella’s recent success in securing 2Mt per annum of port capacity at Abbot Point was another reason Grosvenor West was attractive to potential minority stakeholders.