Investors warm to Cockatoo expansion CLANCY YEATES July 8, 2010 .COCKATOO COAL has unveiled an expansion plan that will deliver the emerging miner stakes in a handful of undeveloped assets previously owned by Anglo American.
Cockatoo will contribute $105.5 million to the deal, in which a consortium of Cockatoo and several Korean companies will pay Anglo a total of $580 million.
The Sydney-based miner will acquire stakes of up to 51 per cent in three assets in the Surat Basin in Queensland, and two in the Sydney Basin in NSW.
The acquisitions will add 256 million tonnes of coal to Cockatoo's certified resources.
Cockatoo will fund part of the deal by selling $21.5 million worth of its stock to Korean steelmaker POSCO, one of the other consortium members, and is looking at other financing options.
Shares in the miner yesterday jumped by 7.4 per cent to 43.5 as investors greeted the news.
