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Cockatoo Coal increases Australian coal production

World Coal,

Cockatoo Coal have announced that its Baralaba North project in Queensland, Australia, has increased production to 1 million tpa, after the company completed the first phase of the Baralaba expansion.

The company said the expansion was a key step in ensuring take-or-pay obligations can be met. The obligations include the delivery of coal to the new Wiggins Island Coal Export Terminal, which is at 80% completion.

Cockatoo and its major shareholders are currently in advanced stage discussions with JFE Shoji Trade Corporation regarding the future direction and funding of the Baralaba joint venture.

In addition, it and its major shareholders are currently in advanced negotiations in respect of the release of up to US$ 37 million of restricted cash, which the company has provided for infrastructure guarantees.

Following release of the restricted cash, Cockatoo intends to progress with a potential mezzanine financing.

The Environmental Impact Statement to further increase production to 3.5 million tpa was submitted to DEHP Queensland in April 2014.

Edited from various sources by Sam Dodson

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