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Chinese increase stake in MetroCoal

CHINESE coal group DADI Engineering Development has lifted its shareholding in MetroCoal to 19.6% after purchasing a further nine million shares in the Queensland coal explorer.

Lauren Barrett
Chinese increase stake in MetroCoal

DADI increased its shareholding in the explorer to 41 million shares after the latest off-market purchase from Metallica Minerals Limited.

MetroCoal said it welcomed DADI’s increased shareholding.

Previously DADI had a 15.3% stake in MetroCoal following a $A24 million investment in the explorer.

MetroCoal owns a number of coal exploration licences in the Surat coal region covering approximately 4000sq.km.

Its key projects include the Columboola joint venture project and the Bundi coal project, which is expected to commence longwall mining in 2017.

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