Metallurgical Corporation of China Limited (MCC) has signed an agreement to acquire a 5% stake of about US$200M, in Australian mining company Resource House.

The investment would also enable MCC to undertake engineering, procurement and construction work on a Resource House coal mine project in Queensland, namely China First, and receive a 4% commission from the annual sales of 30Mt of coal.

The coal will come from its China First project located in Queensland. The deposit has coal reserves of 1bnt. The site will produce 40Mt/y of thermal coal after completion.
Source: China Metals e-mail