Friday, November 21, 2008

China Shenhua pays $187 mln for Australia licence

Shenhua Energy Co Ltd, China's largest coal miner, said on Thursday a wholly owned unit had paid A$299.9 million ($187.4 million) for a coal exploration licence in Australia.

It said in a statement the subsidiary, Shenhua Watermark Coal Pty Ltd, will pay an additional A$200 million to the New South Wales state government if the firm were to be subsequently granted a mining lease.

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