Queensland acquisition for PRC coal company

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    China Coal Import & Export Company (CCIEC) has acquired a majority stake in MetroCoal's Columboola coal exploration acreage in Queensland. It purchased…

    China Coal Import & Export Company (CCIEC) has acquired a majority stake in MetroCoal's Columboola coal exploration acreage in Queensland. It purchased the 51% interest for US$30 million. In addition to this share purchase, CCIEC has established a joint venture agreement with MetroCoal that it will manage. CCIEC is a subsidiary of China National Coal Group Corp, a PRC state-owned enterprise.

    This deal provides MetroCoal with a joint venture partner that has valuable technical skills and expertise in underground coal mining, and it gives CCIEC a major resource and future thermal coal supply base in Queensland.

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