BRISBANE-based coal developer Ambre Energy plans to go ahead with a $200 million listing on the Australian Securities Exchange after securing a $US2.5 billion ($2.4bn) offtake agreement with two South Korean generators.
Under the deal unveiled yesterday, Korea South East Power (KOSEP) and Korea Southern Power Co (KOSPO) will buy up to three million tonnes of thermal coal a year from Ambre's partly owned US mines over 10 years.
The utilities will also invest $US20m in the cash-poor Ambre through a convertible note.
"With this strategic partnership we have put in place one of the final building blocks required to achieve our vision of creating an integrated thermal coalmining and export business," Ambre chief executive Edek Choros said.
Ambre half-owns and operates the Decker and Black Butte mines in Montana and Wyoming.
The Australian
No comments:
Post a Comment