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China Steel to invest A$102 mln in Australian colliery

Feb. 22, 2012 (China Knowledge) - China Steel Corp (CSC), the largest steel maker in Taiwan by revenue, yesterday announced plans to spend A$102 million or around US$95.03 million to develop a colliery in Australia held by the country's MCG company.

In a statement, CSC noted that that it will spend A$50 million to acquire a 10% stake in the Queensland-located colliery and A$52 million on capital expenditure.

Once the colliery starts operation in 2016, CSC will have annual output of 600,000 tons of metallurgical coal, raising its coal supply to 7% from 3% of total supply, said a Spokesperson.

The move is expected to counter the impact of higher coal prices, said analysts, adding that CSC has invested in Australia, Brazil and South Korea to boost supply amid growing demand.

China Steel imports approximately 20 million tons of iron ore per year principally from Australia and Brazil, sources reported.

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