Taiwan's largest integrated steelmaker China Steel Corporation (CSC) has announced that its board of directors has approved a plan to acquire a 10 percent stake in the MDL162 coal mine in Queensland, Australia from Australian miner MCG company.
Accordingly, CSC will invest a total of about A$102 million (US$109 million) in the Australian coal mine, including A$50 million for the 10 percent stake in the mine, while in addition the Taiwanese steel producer will spend A$52 million on new facilities and other capital expenditures at the mine.
In line with its investment, CSC will receive 600,000 mt of metallurgical coal from the mine annually, accounting for 10 percent of the mine's annual output capacity.