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ARTICLE · 21 APRIL 2014

Mining Sector Update: April 2014 edition

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

Corrs Chambers Westgarth

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New of interest to the Australian mining sector.

AustraliaEnergy and Natural Resources

Recent announcements

On 27 March 2014, MetroCoal Limited (an ASX-listed company focused on thermal coal projects in southeast Queensland's Surat Basin) announced that it had substantially increased its shareholding in Cape Alumina Limited from 6.87% to 46.04% through the acquisition of over 95 million shares from Resource Capital Fund (RCF). The shares were purchased at A$0.06 each under the terms of the unconditional on-market cash offer made by MetroCoal to Cape Alumina on 18 March 2014. RCF reportedly identified the Queensland Government's ban on mining on the Steve Irwin Wildlife Reserve and the resulting uncertainty surrounding Cape Alumina's flagship bauxite project at Pisolite Hills as a key factor in its decision to sell its interest to MetroCoal.

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