Vale buys out AMCI stake in Belvedere

VALE has acquired private company AMCI’s 24.5% stake in the $A2.81 billion Belvedere hard coking coal project in Queensland’s Bowen Basin for $US92 million, a deal made before the Rudd government announced the resources super-profits tax.

Blair Price

The giant Brazilian miner now owns 75.5% of Belvedere and still holds the option to scoop up the remaining 24.5% stake held by Aquila Resources from June 4 until December 3, 2012.

Vale has advised shareholders of when the purchase was made.

“The price for this transaction was settled before the announcement by the Australian government of the project to create the resources super-profits tax to be imposed on mining companies,” Vale said.

Belvedere is immediately downdip of Anglo’s surface coal Dawson mine.

The project’s prefeasibility study in March confirmed the viability of a 3.5 million tonne per annum coking coal operation, which will increase to 7Mtpa with a second longwall in 2020.

Should the project go ahead, first exports could start in 2014 through Wiggins Island.

Belvedere holds 3.87 billion tonnes of resources, including 1.53Bt indicated and 2.34Bt inferred.

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