S. Korean firms to take over Australia`s coal mine

SEOUL, Jan. 27 (Yonhap) -- A consortium of South Korea's state-run and private
companies and an Australian mining company have agreed to take over a soft coal
mine, valued at 37 billion won (US$26.6 million), in Australia, the Korea
Resources Corp. (KORES) said Tuesday.
The deal calls for the consortium to buy a 47.4 percent stake in Baralaba coal
mine located in the Australian state of Queensland, KORES said in a statement.
The consortium consists of KORES, Australia's Cockatoo Coal Ltd., SK Energy Co.
and state-run Korea East-West Power Co.
Under the agreement, the Baralaba mine will increase its production of soft coal
to 4 million tons a year by 2013 from the current 500,000 tons, it added.
"The agency plans to aggressively pursue further exploration of overseas
resources," Kim Shin-jong, president of KORES, said.
KORES is seeking to reinforce its operations in Australia by participating in the
development of eight other mines there, which are estimated to hold about 570
million tons of coals, he said.
sooyeon@yna.co.kr
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