Stanmore coal lands Hong Kong deal

JUST 10 days after it released its $378 million mine's environmental credentials to the public, Stanmore Coal told the ASX it scored a $36 million deal with Hong Kong investment firm Sprint Capital.

A quarter of the boutique mining firm, still developing its first project, The Range near Wandoan in south-west Queensland, could now be owned by the overseas company.

Sprint is a private equity investment firm with a particular eye for resources to be consumed by China and other parts of Asia.

The deal, on Thursday, came on the same day that Yanzhou Coal, a firm owned by the Chinese Government, debuted on the ASX.

The Range project will export up to five million tonnes of coal from Gladstone's Wiggins Island Coal Terminal in 2015 if it can score the proper approvals in time.

Stanmore managing director Nick Jorss said the extra cash would pay for its infrastructure costs, while re-affirming the promise of its projects.

"This agreement places us in a strong position to grow through acquisition and development," Mr Jorss said.Sprint Capital managing director Chris McAuliffe also celebrated the deal.


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