Daewoo International (SEO:047050) to Invest in Australia Coal Mine
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.
Whitehaven Coal Limited
Daewoo International Corporation