Tiaro, Qinfa to start trading Aussie coal

JUNIOR coal explorer Tiaro Coal will set up a joint venture coal-trading operation with China Qinfa Group with plans to spend profits made from the operation on coal exploration and mine developments in Queensland.
Tiaro, Qinfa to start trading Aussie coal Tiaro, Qinfa to start trading Aussie coal Tiaro, Qinfa to start trading Aussie coal Tiaro, Qinfa to start trading Aussie coal Tiaro, Qinfa to start trading Aussie coal

Tiaro Coal JV permits in Queensland

Angie Tomlinson

Qinfa already holds a 21% stake in Tiaro and approval is currently being sought with Tiaro’s shareholders to increase that stake to 30%, potentially raising a further $A2 million.

Tiaro has now signed a memorandum of understanding with Qinfa subsidiary Yuen Hoi to set up a coal-trading operation.

Tiaro and Yuen Hoi will set up a joint venture company, Australian Minerals Trading, and export coal and other bulk commodities out of Australia.

Qinfa will hold an exclusive right to cooperate with Australian Minerals Trading on China-focused exports.

“Our plans are to utilise income from the trading operations in our exploration programs and also to develop new coal orientated business opportunities,” Tiaro chief executive Peter Meers said.

The first shipment of Australian coal was sourced for Qinfa with Tiaro’s assistance in December and shipped to China, setting up the platform for the MOU.

The joint venture will begin trading activities next month.

Tiaro shares were up 6.9% mid-morning today at 31c.

topics

loader