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China's largest power generator yesterday bought a 25.5 percent stake in an Australian thermal coal project for 29.423 million Australian dollars (US$22.3 million).
China Huaneng Group signed an agreement to acquire half of Macarthur Coal's 51 percent stake in the Monto thermal coal project in central Queensland, said company sources.
Macarthur said in a statement it would work with China Huaneng and the other Monto partners to complete the stage two feasibility study into the project as soon as possible so that a decision on its development can be made.
The plan involves an exploration program and major feasibility study for an operation processing up to 10 million tons of coal a year, Huaneng said.
Macarthur said the drilling and feasibility study would likely take between two and three years to complete.
The Chinese firm will be one of the Monto project's major coal users, and the acquisition will help secure a long-term stable coal supply for the nation's largest power generator, Huaneng said.
Macarthur, with a market value of 1.2 billion Australian dollars (US$909 million), acquired a 51 percent stake of Monto from Burnett Coal in October 2001.
Huaneng now controls an installed capacity of 40.99 million kilowatts, or 9 percent of Australia's total installed capacity.
The power conglomerate accounts for 10.8 per cent of China's total electricity output.
(China Daily July 29, 2005)
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