GINA Rinehart has taken time out from stalking Fairfax Media and returned to the mining patch to make a $5 million investment in Queensland coking coal hopeful International Coal, The Australian's Barry Fitzgerald writes.
The farm-in agreement with the junior company could enable Rinehart's Hancock Prospecting to earn an eventual 51 per cent in coal tenements, said to have an "exploration target" of 280 million tonnes to 370 million tonnes of coal. ICX shares gained 0.5c a share to 26.5c.
Iron ore in the Pilbara is Rinehart's main interest, but Queensland coal is growing in importance thanks to the proposed $6.4 billion Alpha coal project joint venture with India's GVK. The Alpha mine has become a testing ground for federal versus state powers in environmental approvals for resources projects, with federal Environment Minister Tony Burke at odds with an earlier approval of the project by the Queensland government.
The Australian
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