Link completes sale to Adani
Posted: 10 August 2010
Linc Energy Ltd reported that the transaction with Adani Mining Pty Ltd for sale of the Galilee Tenement (EPC 1690) has now been completed and $500 million in cleared funds has been deposited into Linc Energy’s bank account today.
"This is one of the best managed sales transactions in recent memory," said Linc Energy’s CEO, Mr Peter Bond
"We have gone from announcement of a deal to completion and receipt of funds in less than a week. This is an extraordinary result, and one directly related to the incredible hard work and diligence of both the Linc Energy and Adani teams.
"We would also like to take this opportunity to thank the various levels of the Queensland Government for their assistance on this deal. Given that this was the biggest investment into Australia by an Indian company, it was great to see that Queensland put its best foot forward. We very much appreciated the willingness of the Minister for Natural Resources, Mines and Energy, Mr Stephen Robertson, to meet with us at short notice and the assistance of the relevant Queensland government departments during the approval process."
Late last week Linc Energy and Adani received approval for the transfer of the Galilee coal tenement (EPC 1690) from the Queensland State Government which finalises the regulatory approval process, having already received approval from the Foreign Investment Review Board (FIRB).
The State Government’s approval completes the sale and Linc Energy will continue to update the market on the progress of the development of the Galilee coal tenement by Adani as the operation moves closer to production.