Partner Approves Aston's Sale Of $400M Aussie Mine Stake

Law360, New York (March 1, 2012, 3:02 PM EST) -- Aston Resources Ltd.'s joint venture partner Itochu Corp. has approved its plan to sell a 10 percent stake in a southeast Australian coal mine to Japan's Electric Power Development Co. for AU$370 million ($400 million), Aston said Thursday.

Itochu has waived its pre-emptive rights to buy the stake in the Maules Creek project, according to a statement filed with Australian regulators. Aston will also pick up Itochu's option to buy up to 15 percent of the coal produced by the mine for $22 million.

The deal,...
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