May. 18. 2007
Marubeni has agreed with Resource Pacific Holdings Limited (hereinafter called "RP") of Australia to subscribe to a placement of 23.6million shares (about \ 5 billion) which is equal to 10% of RP's shares.
Marubeni acquired 3% of RP's shares last December through its 100% subsidiary Marubeni Coal Pty. Ltd..
After the placement, the total Marubeni group’s share holding in RP will be about 13%.
RP has been producing high quality semi-soft coking coal and thermal coal sold to steel mills and power utilities since 2004 and has been continuing steady operation since the completion of the longwall installation in January 2007.
Through this placement, RP and Marubeni will further strengthen the relationship including the development of new markets in Asia (such as China, India and Thailand), and future cooperation in the development of new mines.
<Company profile of Resource Pacific Holdings Limited>
Company Name : Resource Pacific Holdings Limited
Location : 264 George Street, Sydney NSW 2000, Australia
Representative : Mr. Paul John Jury
Main Business : Development and operation of coal mine