Big stakes for COK in a number of deposits in Qld and NSW. Huge news.
http://www.automatedtrader.net/real-time-dow-jones/3341/2nd--anglo-american-sells-australian-coal-assets
Key points:
- Consortium with POSCO will buy 100% of Sutton Forest NSW, 115Mt of coking and thermal coal (70-30% POSCO-COK), COK's share will cost about $20M.
- COK will buy Anglo's 51% share of three other deposits.
- Kepco will buy Anglo's startup Bylong mine, which COK will run. COK gets a 30% option after 3 years in return for its 51% share of Ownaview
- COK will end up with controlling stakes of two Surat mines and 30% stakes in two NSW mines.
Conclusion: WOW. All of a sudden COK's operations and plans for the Bowen Basin PCI mines seem almost insignificant by comparison. Could be the beginning of a major new Australian coal producer.
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