valuation, page-11

Jacoba1
www.hotcopper.com.au/asx_announcements.asp?id=245942

About the CCIEC Joint Venture

Under the terms of the JVA, CCIEC acquires a 51% interest in MetroCoal?s EPC 1165 Columboola in the Surat Basin, Queensland (see Figure on page 1) for an agreed expenditure commitment of AUD$30 million on EPC 1165. The funds will be used for exploring and evaluating the potential for future commercialisation options within the Columboola tenement and also opens up the opportunity for participation in MetroCoal?s other tenements. The Columboola JVA requires a minimum expenditure of $4 million within the first two years of the agreement.

Sinocoal (subsidiary of China Coal Import & Export Company) have first right of refusal on JV's with MTE