POSCO purchases stake in coal mine

POSCO purchases stake in coal mine

South Korean steel giant POSCO announced yesterday that in order to supply coal it purchased an 8.94% stake in the Foxleigh mine in Queensland, Australia for about Won 15 billion ($13 million). POSCO secured its stake in the mine through its Australian subsidiary which purchased a 14.9% stake in CAML Resources, the largest shareholder of Foxleigh mine. Accordingly, POSCO will supply 1 million tons of coal a year from the mine, which will ease the problem of raw material shortage.