SYDNEY, AUSTRALIA: Aquirian Limited via its wholly owned subsidiaries has entered into a binding agreement to acquire the assets and land comprising the Wubin Ammonium Nitrate Emulsion Plant (Facility) from Hanwha.
The Facility was built and commissioned in 2020 and is production-ready, with licensing to produce 110kt of ammonium nitrate emulsion annually. The Facility was put into care and maintenance in 2021 as part of Hanwha’s strategic decision to exit the bulk explosives market in Australia.
Hanwha sold its other emulsion production assets in QLD and NSW to Orica earlier this year. Aquirian will pay $9.6 million for the Facility. The Company obtained independent valuations of Facility in March 2023, at circa $15 million, and which indicated a replacement cost of the Facility of circa $18 million.
Aquirian Managing Director David Kelly comments: “This unique opportunity evolves Aquirian as a diversified mining service company, adding further value across the drill and blast value chain. Our management team has extensive industry knowledge, including with this Facility, and I am excited by this acquisition and the potential synergies and opportunities it offers. Our acquisition of a near new strategically located asset below likely replacement cost is anticipated to enable us to fast-track our growth plans and provide clients with a new range of services and products to achieve sustainable outcomes in their operations”.
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