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KOREAN FIRMS SIGN DEAL TO BUY STAKE IN AUSTRALIAN COAL MINE

Posted on: Mon, 31 Aug 2009 04:01:00 EDT

Symbols: DWOIF

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SEOUL, Aug 31, 2009 (AsiaPulse via COMTEX) --
DWOIF | Quote | Chart | News | PowerRating -- The state-run Korea Resources
Corp. said Monday it has signed a formal deal to purchase a 7.5
per cent stake in a coal mine in Australia for US$105 million
in partnership with Daewoo International Corp., a South Korean
trading company.

Daewoo International will buy a 5 per cent stake in the
mine, while Korea Resources will own a 2.5 per cent stake. The
Narrabri coal mine, owned by Whitehaven Coal Ltd (ASX:WHC), an
Australian mining company, is located in the eastern part of
the continent.

The two companies plan to bring 1.5 million tons of coal to
South Korea annually, Korea Resources said.

(Yonhap) cg

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