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Under the deal, POSCO Australia will hold a 19.99% interest in the Queensland company and have the right to purchase 1 million tonnes of coal per annum from any of Cockatoo’s operations when they come on line.
In September last year, SK Australia, a subsidiary of South Korean oil firm SK Corporation, and the state-run Korea Resources Corporation (Kores) both acquired a $A4.5 million stake in Cockatoo.
In a statement to the Australian Stock Exchange, Cockatoo said the POSCO deal would enhance the company's excellent access to the important Korean market if and when its projects come into production, and enable it to continue to expand its coal project portfolio.
Cockatoo Coal is now engaged in four coal exploration projects, which include the Wonbindi and Dingo coal projects in Queensland's Bowen Basin, the Mintovale coal project in Queensland's Moreton Basin and the Guluguba coal project in Queensland's Surat Basin.
