Queensland acquisition for PRC coal company

    May 13, 2010 | BY

    clpstaff &clp articles

    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.

    DLA Piper partner Wan Li in Shanghai and DLA Phillips Fox partner Eugene Fung in Brisbane, Australia led the team that advised CCIEC. Brisbane-based firm Hopgood Ganim represented MetroCoal.

    This premium content is reserved for
    China Law & Practice Subscribers.

    • A database of over 3,000 essential documents including key PRC legislation translated into English
    • A choice of newsletters to alert you to changes affecting your business including sector specific updates
    • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
    For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]