Macarthur said it was considering its position and the implications for the sale after the other Monto Coal Joint Venture participants won a Queensland Supreme Court decision opposing it.
On July 28, Queensland producer Macarthur entered into an agreement to sell 25.5% of its 51% interest in Monto to Chinese power giant Huaneng Group for $A29.42 million.
The deal was subject to a number of conditions, including the pre-emptive rights of the other Monto Coal Joint Venture participants to be waived or not exercised, and obtaining agreement from the other Monto participants to certain changes to the existing joint venture documentation, including a revised development plan for Monto.
The other Monto Coal Joint Venture participants challenged the validity of the pre-emption notices issued to them about the sale and recently won the challenge in the Supreme Court of Queensland.
