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Article: Australia: Linc looks to $1.5b China coal deal.
- Article from:
- TendersInfo
- Article date:
- September 6, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Coal-to-gas and liquid-fuel developer Linc Energy Ltd says it is selling its Bowen Basin exploration tenements in Queensland to China's state-owned Xinwen Mining Group for $1.5 billion.Linc said it had signed a heads of agreement with Xinwen for the sale.It said Xinwen will outlay an initial $150 million for the Emerald-based Teresa tenements, with the balance to be paid by June 2009.
News of the sale sent Linc's share price upwards by 42.62 per cent, or $1.30, to close at $4.35.Linc chief executive Peter Bond said the conglomerate wanted the Queensland coking coal tenements as stock feed for its Chinese steel mills.
Mr Bond ...