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Shares in Cockatoo Coal (ASX:COK) have jumped this morning on news Korea’s SK Networks plans to invest over $300 million to boost its stake in the local coal miner.
The investment would increase SK’s interest to 40 per cent from 5.5 per cent.
Cockatoo Coal says the agreement will provide a strong funding position to pursue its pipeline of growth projects.
Shares in Cockatoo Coal reacted positively this morning, jumping more than 20 per cent.
In the first half of the 2012 financial year Cockatoo Coal swung to a net profit of $3.6 million
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