Chinese miner pays $299m for exploration
China Shenhua Energy, the country's largest coal miner, said it had paid $A299.9 million for a coal exploration licence in Australia.
The 190-square-kilometre project, located in New South Wales, is estimated to contain more than one billion tonnes of coal, the company said in a statement with the Shanghai Stock Exchange.
If granted a mining licence, Shenhua will have to pay an additional $A200 million to the state government, according to the statement.
and mgx is trading at a market cap of $170m
Chinese miner pays $299m for explorationChina Shenhua Energy,...
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