Koreans invest in Cockatoo

COCKATOO Coal has raised $A16.8 million through a share placement to a Korean Power Utility, giving the junior capital for exploration and adding a thermal coal buyer to its list of partners.
Koreans invest in Cockatoo Koreans invest in Cockatoo Koreans invest in Cockatoo Koreans invest in Cockatoo Koreans invest in Cockatoo

 

Angie Tomlinson

Cockatoo issued 40 million shares to KEPCO Australia and East-West Power (EWP) for $16.8 million cash.

EWP, a subsidiary of KEPCO, consumes 11.5 million tonnes of coal per annum, forecast to rise above 18.5Mt by 2016.

Government owned KEPCO generates 90% of Korea's power.

Cockatoo said the new capital will be used to expand the company's coal project portfolio and exploration and development programs.

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