China's largest generator, China Huaneng Group (CHNG), has signed to take a 25.5 percent stake in the potential 10mt/yr Macarthur-controlled Monto thermal coal project in Queensland, with rights to buy a share of output. A Macarthur statement said the Australian miner would sell half its 51 percent interest in the project to Huaneng for 29.4mt Australia dollars (22.2m dollars). An 12m Australia dollars tranche would be paid on final agreement, with the balance due on a decision to proceed with development.
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