Cockatoo Coal sells 49pc of Woori to Japan's Mitsui

Fri,July 08, 2011
By Ross Kelly,Dow Jones Newswires

COCKATOO Coal will sell 49 per cent of its Woori project in Queensland to Japan's Mitsui for $37.25 million.

Mitsui now owns 49 per cent stakes in the Woori, Collingwood and Taroom projects, all in Queensland's Surat Basin, and Cockatoo Coal said these will now be consolidated into one joint venture managed by Cockatoo.

The joint venture will work on completion of a feasibility study by December 2013, Cockatoo Coal said. The deal with Mitsui remains subject to relevant regulatory approvals.