Extract from Mondaq:"Mergermarket has reported that China...

Extract from Mondaq:

"Mergermarket has reported that China state-owned mining and exploration company China National Administration of Coal Geology (CNACG) is also actively seeking coal assets in countries including Australia. Despite CNACG having not yet hired financial or legal advisors, the company is reportedly open to proposals of potential targets. CNACG is reportedly pursuing coking coal and thermal coal assets in excess of 5500cal/kg. Junior miners who currently hold coal projects in early stages of development reportedly represent prime targets for acquisition, while CNACG may also consider joining with local players to form strategic partnerships to invest and develop Australian coal assets. ASX-listed coal miners Carabella Resources and Bandanna Energy have both been reportedly named as potential targets for CNACG. CNACG reportedly has approximately US$100 million to contribute towards coal acquisitions over the next 12 months."