Flannery, Duncan aim to build another mid-tier coal producer

FORMER Felix Resources duo Brian Flannery and Travers Duncan have officially joined the board of White Energy in executive roles.
Flannery, Duncan aim to build another mid-tier coal producer Flannery, Duncan aim to build another mid-tier coal producer Flannery, Duncan aim to build another mid-tier coal producer Flannery, Duncan aim to build another mid-tier coal producer Flannery, Duncan aim to build another mid-tier coal producer

Yancoal Australia managing director Brian Flannery.

Blair Price

As expected, Flannery will become White’s chief executive officer while the former Felix chairman will serve as White’s chairman.

Hans Mende of private resources company AMCI will join White’s board as a non-executive director and fellow former Felix board member John Kinghorn will also serve White in this role.

The new board of White follows the company’s mainly scrip-based takeover of Felix spinoff company South Australian Coal.

White said the deal was funded through a $75 million capital raising from interests associated with Flannery, Duncan and Kinghorn.

“Through AMCI Capital LP, Hans Mende has also agreed to invest a further $19.3 million in the company as part of the recent subscription rights issue,” White said.

The new board aims to transform White, known for its patented coal upgrading technology, into a mid-tier coal producer.

“The calibre of these new appointments, combined with our unique coal upgrading technology, substantial cash reserves and stand-alone coal assets, provides an outstanding position for future growth,” Duncan said.

SAC’s Lake Phillipson coal deposit in South Australia holds 515 million tonnes of sub-bituminous coal resources.

Coal from the resource in EL3386 could be transported to the Adelaide-Darwin rail line and exported through ports at Darwin, Adelaide and Whyalla.

Flannery is the managing director of Yanzhou subsidiary Yancoal Australia, and pocketed more than $500 million from the takeover of Felix.

White shares are unchanged at $3.80 this morning.

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