Cockatoo Coal Limited (COK) and its wholly owned subsidiaries Surat Coal Pty Limited and Cockatoo Coal (Taroom) Pty Limited have reached agreement with Mitsui Coal Holdings Pty Ltd and its subsidiaries MCH Surat Basin Investment Pty Ltd and Mitsui Moura Investment Pty Ltd whereby MSBI will acquire a 49% participating interest in the Woori coal project from Surat Coal for $37.25 million. This sale price represents $0.90 per Measured Resource tonne defined at the Woori project compared to the Company’s current enterprise value of approximately $0.30 per resource tonne. Mitsui currently own 49% of the Collingwood and Taroom projects and this Woori transaction will equalise the ownership of these three most significant projects in the Surat Basin. The consolidation of the Collingwood, Taroom and Woori coal projects into one joint venture activity to be managed by Cockatoo will facilitate the orderly development of these projects.
Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 155 offices in 66 counties as of May 2011. Utilising the global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields, Iron and Steel Products, Mineral and Metal Resources, Infrastructure Projects, Motor Vehicles, Marine and Aerospace, Chemicals, Energy, Foods and Retail, Consumer Services, Information, Electronics and Telecommunications, Financial Markets and Transportation Logistics.