Termination of Triumph Creek agreements

The Triumph Creek Operating and Infrastructure Development Agreements between Acacia Coal and Bandana Energy subsidiary, Springsure Creek Coal (SCC), have been terminated following the decision to liquidate of Bandana Energy.

Acacia Coal said it was “disappointed” that the Triumph Creek agreements would not be completed but said that the terminal was “not unexpected.” The company said it would not seek other avenues in respect to the project.

The terminal of the Triumph Creek agreements also allows Acacia the opportunity to seek to withdraw its consent to the grant of the SCC Mining Lease Application over the neighbouring Comet Ridge project in Queensland’s Bowen Basin.

“Acacia will pursue this in an expeditious manner so as to allow it to refocus on seeking alternative opportunities to crease value for shareholders,” the company said.

Edited by Jonathan Rowland.

Read the article online at: https://www.globalminingreview.com/finance-business/06062016/termination-of-triumph-creek-agreements-2016-904/