Through its wholly owned subsidiary Surat Coal, Cockatoo has purchased its first freehold property over the Woori project.

The purchase was for 870 hectares of rural property at Guluguba in southern Queensland.

Cockatoo labelled the acquisition as a “milestone” in the development of Woori as it works to secure surface use rights.

The company also purchased a 5% shareholding in rail infrastructure development company Australian Transport and Energy Corridor, which has a 20% interest in management of the Surat Basin Railway.

Cockatoo sold its 25% interest in a coal-to-liquids joint venture with Ambre Energy (formerly Eastern Mining Corporation) and advanced the sale of its 20% interest in an underground coal gasification joint venture.

On the financial side, Cockatoo finished its 2007-08 financial year with revenue up 143% and with three strategic Korean shareholders on board.

During the year Korean steel company POSCO, power company Korea Electric Power and resource company Kores acquired chunks of the coal explorer.