Blumont Group to take 13% stake in Australia-listed coal miner
BLUMONT Group has agreed to invest in Australian-listed Celsius Coal for about $6.5 million.
The Singapore-listed company said it signed a conditional agreement on Wednesday to subscribe for 227.3 million new Celsius Coal shares at 2.2 Australian cent a share.
This would give Blumont a 13.1 per cent stake in the existing share capital of Celsius Coal, a metallurgical coal explorer.
Celsius Coal focuses on developing coking and thermal coal deposits in the Kyrgyz Republic. It owns 80 per cent of its Uzgen Basin Coking Coal Project, which cover an established Soviet-era coking coal resource.