White Energy Company expands coal assets in US and Australia

White Energy Company (ASX: WEC) has entered into binding agreements to acquire Essential Global Resources and Oceltip Coal 2. These acquisitions are intended to expand the company’s metallurgical coal assets in both the United States and Australia’s Surat Basin.

Through the acquisition of Essential Global Resources, White Energy will gain the Lolley No. 1 underground metallurgical coal project in Alabama, USA. The project, which includes coal handling and preparation infrastructure, is currently on care and maintenance and is slated for a staged recommissioning. Additionally, the company will acquire Oceltip Coal 2 for $4.5 million to secure the Tin Hut Creek project in Queensland.

To fund these developments, White Energy is proposing a capital raising of up to $15 million through the issuance of 250 million shares. The completion of the acquisitions is interdependent and is currently targeted for September 2026, subject to various conditions and approvals.