ARCHIVE

Offshore partners likely at MetroCoal's Surat Basin projects

METROCOAL is negotiating with both foreign and Australian parties in a bid to clinch joint venture partners for its promising thermal coal projects in Queensland's Surat Basin.

Lou Caruana
Offshore partners likely at MetroCoal's Surat Basin projects

This follows the successful raising of $24 million from Chinese giant DADI Engineering Development Group last year through a share placement, which has now received final Chinese government approval, making it the company’s second largest shareholder.

“The process of seeking a joint venture partner in EPC1164 and EPC 1251 [Wandoan West area tenements] is continuing,” MetroCoal said.

“MetroCoal recognises that the process is taking longer than anticipated in 2011. However, the interest from a number of foreign and Australian parties remains positive.

“Visits to the Bundi project have taken place and negotiations will continue into early 2012.”

MetroCoal secured a placement of 32.0 million shares to DADI at 75c per share to raise $24 million, with an initial $2.4 million placement on September 16.

On 14 November 2011, MetroCoal announced that all Chinese government regulatory approvals had been received.

The balance of the placement, 28.8 million shares worth $21.6 million, was conditional on MetroCoal shareholder approval, which was received at its annual general meeting on November 24.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions