Mitsui Coal Holdings Surat Basin Investment will take over the stake. Parent company Mitsui Coal Holdings and its subsidiaries already collectively own an additional 49% of Cockatoo’s Collingwood and Taroom projects.

This has cleared the way for Cockatoo to consolidate the Collingwood, Taroom and Woori Coal projects into the North Surat joint venture. Cockatoo Coal (Taroom) will hold 51% and manage the project, while 49% will be retained by MSBI.

Between them the Collingwood, Taroom and Woori projects have 746 million tonnes of resources across the measured, indicated and inferred categories.

The Woori coal project comprises mineral development licence 187, mining lease applications 50247 and 50248, exploration permit for coal 1322, exploration permit for coal application 2207, where Surat Coal is preferred applicant, and EPCA 2473 where Surat Coal is a competing applicant.

Cockatoo also has mining information associated with those tenements and owns land – through subsidiary Surat Coal – located at the Woori project.

It also has priority entitlement rights for capacity allocation under the Wiggins Island Coal Export Terminal Access Protocol.

The NSJV has proposed creating a marketing committee to market coal produced by the joint venture, with MCH or a subsidiary appointed exclusive marketing agent for the coal, with the exception of Korea. Cockatoo said it would take responsibility for marketing NSJV coal into Korea.