King & Wood Mallesons has advised Pembroke Resources on the acquisition of interests in metallurgical coal tenements that collectively encompass the Olive Downs Complex in Queensland’s Bowen Basin for A$120M.

Pembroke Resources is an Australian-based company backed by leading resources and energy-focused global private equity firm, Denham Capital.

The Olive Downs Complex comprises Olive Downs South (ODS), Willunga, and Olive Downs North (ODN), with rights to four Exploration Permits for Coal and two Mine Leases (both for ODN). Pembroke has acquired a 100 percent interest in ODS and Willunga. Subject to the approval of the minority partners, Pembroke has also agreed to acquire an 87.3 percent interest in ODN.

The KWM team was led by partners Paul Schroder and Mark McNamara (M&A), Scott Singleton (mining and native tile), Tim Klineberg (insolvency), Katrina Parkyn (tax) and Special counsel Leah Ranie (tax). They were supported by senior associates Rob McEvoy and Ryan Gawrych and solicitors Tom Kibble and Samantha Barrett.

Head of Private Equity at KWM, Mark McNamara commented that “KWM is delighted to have assisted Pembroke on this acquisition having worked on the establishment of Pembroke with Denham Capital in 2014. We are encouraged to see PE backed groups supporting the Australian resources sector at a time when other traditional capital sources for the sector have retreated.”