Daewoo International (SEO:047050) to Invest in Australia Coal Mine
Seoul, Aug 25, 2009 AEST (ABN Newswire) - South Korea's trading firm Daewoo International Corp. (SEO:047050) will set up an affiliate in Australia this year to buy a 5% stake in a bituminous coal mine. The new entity, named Daewoo International Australia Holdings, will invest in the Narrabri coal mine owned by Australian mining company Whitehaven Coal Ltd.
Early this month, the state-run Korea Resources Corp. signed a preliminary deal to buy a 7.5 per cent stake in the coal mine in Australia for 129 billion won. The purchase is in partnership with the Daewoo International Corp.
The new entity will be wholly owned by the Daewoo International with A$111.4 million in capital. The two Korean companies will be supplied with 1.5 million tons of bituminous coal a year, or 25 percent of the mine's production.
Daewoo International Corp today also said that it will invest US$1.68 billion to build facilities that produce and transport natural gas at its offshore gas field in northwestern Myanmar.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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