Noble sells 50% stake in Coalridge Limited for $1.4m

It also broke ties with the coal company.

Noble Group sold its 50% equity stake in Coalridge Limited (Coalridge) to Australian company Aspire Mining Limited (Aspire).

According to an announcement, the price for the company's stake stood at $1.4m (US$1m). Noble also declared a future royalty from the coal produced and sold from int Nuurstei Coking Coal Project in Mongolia.

The royalty will be payable at the greater of 1.5% of the price per metric tonne of sold coal or $2.7 (US$2) per tonne of coal product and if the Nuurstei project has produced 10,000 of coking coal, $2m (US$1.5m) per annum.

The book value and net tangible asset value attributable to the Sale Shares each stood at $11.6m (US$8.56m).

After the disposal gets completed, Noble's stake in Aspire will be increased from 9.5% to 18.2%.

After its interests were sold, Coalridge has also stopped its joint venture with Noble.

Meanwhile, on 31 August, Noble's subsidiary Noble Chartering Limited (NCL) increased its interests in Panacore Investments Limited (Panacore) and Core Shipping Limited (Core Shipping) from 65% to 100%.

Both ship owning businesses were acquired for US$1 per unit.

Also Read

SMF, IGP&I ink deal on marine liability education

Maritime IAP touts Singapore as trade centre

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit