Summary by Futu AI
Miner Energy announced on 15 January 2024 that it will extend its existing framework agreement for coal sales and purchase with Glencore and its wholly-owned subsidiary Anotero and set an annual trading cap until 31 December 2026. The decision is intended to maintain customer relationships and meet specific coal needs, and is carried out in the normal course of business. Glencore is a connected person at the level of its mining energy subsidiary and therefore constitutes a continuing connected transaction. Under the Listing Rules, the transaction is exempt from compliance with the Circular and Independent Shareholder Approval requirements, but is still subject to the reporting, announcement and annual audit requirements. Mines Energy mainly engages in mining and mining, while Coal Australia, as its overseas holding subsidiary, focuses on the production of power coal and metallurgical coal. In addition, HVO sales contracts will continue and set annual transaction caps for the next three years.