COCKATOO COAL (COK) has entered into revised shareholder and financing arrangements with JFE Shoji Trade Corporation in relation to its Bowen Basin projects.
JFE Shoji purchased a 37.5 per cent interest in Baralaba Coal Pty Ltd and a 20 per cent interest in Wonbindi Coal Pty Ltd in October 2010.
Baralaba is the holder of Cockatoo Coal's Baralaba mine project and Wonbindi is the holder of its Baralaba North and Baralaba South projects.
Cockatoo has secured a three million tonne per annum export capacity through the Wiggins Island coal export terminal at Gladstone, scheduled for use in 2014.
This coal export capacity will be met by production from the Baralaba complex expansion which is currently in the feasibility study stage.
Under the new arrangements, JFE Shoji will share in the funding of all Baralaba and Wonbindi expenditures on an equity share basis.
JFE Shoji will also assist in the marketing of all coal produced from the Cockatoo Coal's Bowen Basin projects.
In it's September quarterly activities report, the company underlined the equalisation/Surat project JV with the agreement, subject to certain conditions precedent, reached to sell 49 per cent of the Woori coal project to Mitsui for $37.25 million, representing 90c per Measured Resource tonne.
