Australian Mining - Australia's premier mining news website

News

Monday 01 December 2008

Cockatoo coal buys mine

Jessica Darnbrough

Cockatoo Coal has bought the Baralaba coal mine located in Queensland’s Bowen Basin.

The company spent $25 million in the purchase, acquiring 35.4 million shares at a cost of $0.76 per share.

According to report released by the company’s managing director Mark Lochtenberg, the Baralaba coal mine acquisition will provide the company with immediate coal production, as well as Queensland Rail and Gladstone Port infrastructure entitlements.

“The company has entered into an agreement with Peabody Pacific to acquire Peabody’s 100% interest in Baralaba Investments which holds a 62.5% interest in Baralaba Coal, and to refinance a $52.5 million debt payable by Baralaba to Peabody which will then be payable to the company,” the report said.

The company plans to further define the geology of the mine in a bid to increase output from 300,000 tonnes per annum to 420,000 tonnes.

Leave a comment

Enter the code shown:

Newsletter sign up

Sign up to receive the latest breaking news

News barometer

Industry Outlook Do you feel optimistic, neutral or pessimistic about the future of the Australian minerals industry over the next twelve months?
 
78%
 
22%
 
0%