China Steel Corporation, the largest steel producer in Taiwan, said it will spend NT$3.06 billion (US$104 million) to develop a coal mine in Queensland, Australia.
Sinosteel said that about 50% of the investment is for the construction of the coal mine equipment and future development, and the other 50% is for obtaining 600,000 tons of metallurgical coal from the coal mine each year, accounting for 10% of its annual production.
Major steel mills in the world such as ArcelorMittal and Japan, South Korea, India and other steel plants are active in the acquisition and development of Australian coal mines. In 2011, ArcelorMittal and the largest coal miner in the United States, Bogey Energy, agreed to acquire Australian coal miner MacArthur Coal Co., Ltd. with A$4.8 billion (US$5.2 billion). In 2010, Nippon Steel acquired a 10% stake in Foxleigh Mine in Queensland, Australia held by ITOCHU. JFE's largest investment in Australian Coal Mine was to spend 5 billion yen to acquire a 20% stake in the Byerwen Mine in Queensland, and POSCO invested 419 billion won in the acquisition of Australia. The full mining rights of the new Bailongshan coal mine in Wales. In addition, SAIL, Tata Steel and JSW are also actively looking for suitable coal mines in Australia.
Sinosteel said that about 50% of the investment is for the construction of the coal mine equipment and future development, and the other 50% is for obtaining 600,000 tons of metallurgical coal from the coal mine each year, accounting for 10% of its annual production.
Major steel mills in the world such as ArcelorMittal and Japan, South Korea, India and other steel plants are active in the acquisition and development of Australian coal mines. In 2011, ArcelorMittal and the largest coal miner in the United States, Bogey Energy, agreed to acquire Australian coal miner MacArthur Coal Co., Ltd. with A$4.8 billion (US$5.2 billion). In 2010, Nippon Steel acquired a 10% stake in Foxleigh Mine in Queensland, Australia held by ITOCHU. JFE's largest investment in Australian Coal Mine was to spend 5 billion yen to acquire a 20% stake in the Byerwen Mine in Queensland, and POSCO invested 419 billion won in the acquisition of Australia. The full mining rights of the new Bailongshan coal mine in Wales. In addition, SAIL, Tata Steel and JSW are also actively looking for suitable coal mines in Australia.
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