Chinese coal trader Qinfa ups stake in Queensland's Tiaro Coal

摘要

Qinfa Group, China's largest non-state-owned coal supplier, plans to increase its 21% stake in Australian coal exploration company Tiaro Coal to 30%, Tiaro said in a statement Thursday. Tiaro has agreed to issue eight million share options at a strike price of around A$0.25/share to Qinfa subsidiary Bright Rock Holdings to raise A$2 million ($1.8 million) for the development of Tiaro's coking coal tenements in southeast Queensland, near the port of Bundaberg. Tiaro can increase its interest in these coal tenements to between 65-80% from 15% through a farm-in agreement with its joint venture partners if it agrees to fund A$5 million of exploration work.