Adani makes first payment for Linc's mining rights at Australia's Carmichael coal project
Add BT as a preferred source
Angela Tan
DeeperDive is a beta AI feature. Refer to full articles for the facts.
LINC Energy, a Singapore-listed Australian coal miner, said India's Adani Group has exercised its option to buy Linc's mining rights at the Carmichael coal project in Australia.
In a release on Friday, Linc said the Adani Group will make its first payment of A$90 million (S$100 million) for the rights by Oct 14, 2014. The second payment of A$65 million is expected within 12 months.
Earlier in August, Linc agreed to sell its rights to future royalties from the project to Adani for A$155 million as part of the group's effort to focus on the development of its core assets and business.
At 10:45am, Linc was trading around S$0.845 a share, down 11.5 Singapore cents, or 12 per cent. Only 955,000 shares were traded.
The fall in share price prompted a query from the market regulator, seeking an explanation for the "unusual price movements".
Copyright SPH Media. All rights reserved.
TRENDING NOW
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Beijing’s calculated silence on the Iran war
DPM Gan warns of 3 structural shifts to the global system that will bring greater challenges – and opportunities
