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.