Leading Brisbane law firm HopgoodGanim Lawyers has advised ASX-listed MetroCoal Limited (MTE) on a joint venture with China Coal Import & Export Company, a wholly owned subsidiary of China National Coal Group Corp, the second largest coal producer in China.
Under the terms of the agreement, China Coal has acquired a 51 percent interest in one of MetroCoal’s exploration permits for coal in the Surat Basin. China Coal has committed $30 million towards exploring and evaluating the area’s potential for future commercialisation options.
According to Partner Michael Hansel, who led the HopgoodGanim team advising on the transaction, the joint venture is a significant milestone for MetroCoal.
“HopgoodGanim has advised MetroCoal since its incorporation, including on its initial public offering and ASX listing,” Mr Hansel said.
“It’s a testament to MetroCoal, its executive team and its suite of coal tenements that it has attracted and formed an alliance with China Coal, a significant player in world coal production that produces over 100 million tonnes of coal a year.”
“MetroCoal has always said that forming strategic alliances would be key for the company and its tenement development. HopgoodGanim is pleased to have helped MetroCoal achieve this milestone. This agreement should expedite MetroCoal’s exploration programme and will go a long way to helping the company meet its exploration target of between 2.5 and 3.5 billion tonnes.”
Contact:
Esther Cohen, Communications Advisor
Tel: 07 3024 0192
