India is on a coal buying spree ad the nation is scrambling to cover an expected shortfall in domestic supply. Coal majors are entertaining all levels of deals, from minority stakes in mines to becoming an operator. Many are chasing stakes in large-scale mines of 10 million to 15 million tonnes a year. Also being eyed are mid-sized thermal coal blocks in Australia.
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China has tentatively agreed to majority finance an ambitious US$ 5.15 billion Queensland coal mine project, as the north Asian giant continues its relentless pursuit of Australia's resource assets. Australia's Waratah Coal Pty Ltd. announced in Brisbane on Thursday that it has entered into a deal with China's Metallurgical Group Corporation (MCC) for developing the country's largest thermal coal mine in Queensland at a cost of A$6.6 billion.