South32 has agreed to buy a 50% stake in Australian metallurgical coal project Eagle Downs from Aquila Resources, a subsidiary of China Baowu Steel Group.
South32, which will operate the project in the Bowen Basin, Queensland, will pay $106 million when the transaction is completed and will make a deferred payment of $27 million three years later. Aquila, which is 85% owned by Boawu subsidiary Baosteel Resources, will continue to own the remaining 50%...