Cleveland-Cliffs pays 140 mln aud for 45 pct stake in Australian coal project |
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Published
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Wed, 10 Jan 2007 00:20
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SYDNEY (XFN-ASIA) - Cleveland-Cliffs Inc said it is investing 140 mln aud to acquire a 45 pct stake in the Sonoma coal project in the north east Australian state of Queensland's Bowen Basin.It said the stake is being acquired from privately owned Australian coal company QCoal Pty Ltd and marks its first entry into the seaborne coking coal sector.When completed the Sonoma project, which has a resource of 97 mln tons of coal, is expected initially to produce two mln metric tons of marketable coal annually, beginning in late 2007 with expansion planned to 3-4 mln tons a year from 2008.Cleveland-Cliffs chief executive Joseph Carrabba said the project, which will also produce thermal coal, is an ideal means for Cliffs to expand its presence in the Australian mining sector as well as further diversify its participation in the steel-making materials industry.In 2005 Cleveland-Cliffs returned to the Australian mining sector by acquiring mid-tier Western Australian iron ore miner Portman Ltd via a 676 mln aud cash takeover offer.(1 usd = 1.28 aud)bruce.hextall@xfn.com
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Cleveland-Cliffs to buy $140M mine stake 