The sale has furthered the company’s cash position to $121m.
The coal miner is intending to use a portion of funds to secure mining lease for Springsure Creek coal project, with plans to commence production in mid-2015.
Bandana Energy had initially invested $41m in WICET to insure $2.5bn project financing aimed at the construction of the port critical for coal project proponents in the Bowen Basin. The port is now more than 60% complete.
Following the sale of preference equity, the company owns 14% stakes in the Wiggins Island Coal Export Terminal stage 1 at Gladstone along with its 4 million tons per annum capacity allocation at the port.
Bandana is currently working on its supplementary environmental impact statement scheduled for finalization in the quarter ended 30 September 2013.
The company is also purchasing an allocation of 1,000 milliliters of water per annum from Sunwater’s Nogoa Mackenzie Water Supply Scheme for use at its Springsure Creek project.
