China's China Huaneng Group (CHNG) has acquired part of interest of a large Australian coal project. CHNG on Thursday entered into the Monto Coal Joint Venture – Sale Agreement with Australia's Macarthur Coal Limited (Macarthur Coal) in Brisbane, capital city of the state of Queensland, where the signing ceremony was held.
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\nUnder the agreement, CHNG will acquire a 25.5-percent interest in the Monto Coal Project for a total consideration of 29.423 million Australian dollars (22 million US dollars), subject to theexercise of pre-emptive rights and satisfaction of other conditions (including obtaining applicable Australian, Queensland and People's Republic of China government regulatory approvals), CHNG said in a statement.<\/p>\n
Macarthur Coal is a coal production and export company that went public in Australia in July 2001, with a current market capitalization in excess of 1.2 billion dollars (900 billion US dollars).<\/p>\n
The Monto Coal Project is located in the southern part of the Bowen Basin with total coal resources estimated at over 500 million tons.<\/p>\n
The mine development phase is contingent on the completion of afull scale feasibility study and on a development decision being made by the management committee of the Monto Coal Joint Venture.<\/p>\n
The project is to be developed after undertaking an extensive exploration program, a test pit operation and a full feasibility study based on annual production of up to 10 million tons. Should the project proceed, CHNG would become a substantial consumer of coal produced from the Monto Project, according to the statement.<\/p>\n
CHNG is planning to ship the coal to its newly built large coastal thermal power plants in China to supplement the fuel supply.<\/p>\n
CHNG has an installed capacity of 40,990 MW. By the end of the first half of 2005, CHNG accounted for 9 percent of the total installed capacity and 10.8 percent of total power generation volume in China.<\/p>\n","protected":false},"excerpt":{"rendered":"
China's China Huaneng Group (CHNG) has acquired part of interest of a large Australian coal project. CHNG on Thursday entered into the Monto Coal Joint Venture – Sale Agreement with Australia's Macarthur Coal Limited (Macarthur Coal) in Brisbane, capital city of the state of Queensland, where the signing ceremony was held.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-283","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"\n