Golden Energy to acquire remaining 20 percent of Golden Investments for US$30M

U.S. one-dollar currency notes; taken September 2018.U.S. one dollar bills.

Golden Energy and Resources (GEAR) has entered a deal to acquire the 20.33 percent of Golden Investments (Australia) it doesn’t already own from Ascend Global Investment Fund SPC for around US$30 million, the Singapore-listed company said in a filing to SGX Friday.

Golden Investments (Australia), or GIAPL, holds around 75.33 percent of Stanmore Resources, which is listed on Australia’s stock exchange, the filing said.

The acquisition is expected to be completed before the end of the year, the filing said.

Stanmore Resources is a coal mining company with operations and exploration projects in the Bowen and Surat Basins in Australia.

GEAR’s acquisition of the remainder of GIAPL followed a move in November to acquire, via its subsidiary Stanmore Resources, all of Australian mining giant BHP’s 80 percent interest in BHP Mitsui Coal (BMC) for as much as US$1.35 billion.

In a filing to ASX at the time, Stanmore said the deal was transformational, creating a leading global metallurgical coal producer with high quality assets in the Bowen Basin.

The Ascend Global Investment Fund SPC, which is managed by Ascend Capital Group, has assets under management of around US$100 million, according to the company’s website.