Rio Tinto In Deal To Invest In Australian Pacific Coal Project
01 July 2011 - 11:55AM
Dow Jones News
Rio Tinto PLC (RIO) has struck a deal whereby it may buy a
developing coal project in eastern Australia's resource-rich Bowen
Basin, project owner Australian Pacific Coal Ltd. (AQC.AU) said
Friday.
Rio's exploration arm has signed a non-binding letter of intent
to assume financial and technical risk in examining the coal
potential of the Mt Hillalong project as part of a deal that could
see it acquire or enter a joint venture for the project, Australian
Pacific said in a statement. If Rio doesn't exercise an option to
buy into the project, Australian Pacific said it will retain full
ownership.
Australian Pacific owns 16 exploration permits in the Bowen and
Surat basins of Queensland state. It has previously said Mt
Hillalong is an advanced exploration target, located 22 kilometers
west of Rio's Hail Creek mine that produces about 6 million metric
tons of coking coal a year. In March it said A$960,000 had been
budgeted for further exploration over 12 months.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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