AusPac has entered into a binding agreement to acquire an 83.33% interest in the Dartbrook JV from Anglo American.

Under the Joint Venture Agreement between Anglo and Marubeni, Marubeni had the right to “tag” and sell its interest to AusPac on no less favourable terms.

“Marubeni has exercised its tag-along right and AusPac will now proceed with the purchase of Marubeni's interest, subject to, amongst other things, its agreement with Anglo becoming unconditional,” AusPac said.

“It is envisaged that the sale of both Anglo and Marubeni’s interest in the Dartbrook JV, totalling 100%, will complete simultaneously.”

The consideration for the Marubeni acquisition will include a $5 million cash payment (of which a deposit of $100,000 has been paid); and a royalty of $0.50 per tonne of total coal sold or otherwise disposed of from the project and $0.05 per tonne of any third party coal processed through project infrastructure, but capped at $5 million.