Savannah has increased its shareholding in Clara to nearly 19.5%. Credit: Albert Hyseni on Unsplash.

Clara Resources Australia has completed the acquisition of Renison Coal, which owns the Ashford coking coal project in New South Wales (NSW), Australia.

The acquisition was finalised following shareholder approval at an extraordinary general meeting (EGM), where terms with Savannah Goldfields were agreed upon for Clara to acquire its 60% stake in Renison.

Clara funded this deal through the sale of its holdings in First Tin, which generated net proceeds of approximately A$4.3m ($2.89m).

Savannah received a total consideration for its shareholding in Renison Coal, which included cash payments amounting to A$4.398m and 11.1 million Clara ordinary shares.

This transaction has increased Savannah’s shareholding in Clara to nearly 19.5%.

See Also:

Additionally, Savannah retains a royalty interest, receiving $0.75 per tonne of coal produced from the Ashford project, which holds an indicated and inferred resource of 14.8 million tonnes of in-situ coal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Savannah said it will now concentrate on its gold mining and exploration projects in North Queensland.

On 4 March 2024, Clara released a scoping study for the Ashford Coking Coal Project, providing an early-stage assessment of the project’s technical and commercial viability.

This project is located within exploration licence tenements EL6234 and EL6428 in NSW’s Northern Tablelands.

The Ashford deposit, which was mined by open-cut methods until 1985, supplied raw coal to the adjacent power station and is characterised as coking coal.

Mining at the project was later halted in the period coinciding with the permanent closure of the power station.