China greenlights China Coal Import & Export Co.’s Australian JV

Friday, 10 September 2010 10:41:08 (GMT+2)

On September 7, the Chinese government announced that China Coal Group's subsidiary China Coal Export and Import Co., Ltd has received all official approvals to cooperate with Australia-based Metrocoal Ltd for the Surat Basin exploration and development project in South East Queensland. The Chinese company holds the controlling share (51 percent) in the project following an agreed expenditure commitment of AU$30 million.

As a result, China Coal Group will be the third Chinese company to explore mineral resources in Australia. Reserves in the main coal mining area of this project are expected to exceed 10 billion mt.

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