Sale of Australian coal mines to Chinese likely within weeks
A BOUTIQUE coal miner with four projects being slowly developed west of Mackay, Rockhampton and Bundaberg is likely to fall into the hands of China's largest mining firm within weeks.
Carabella Resources is chasing approvals for its Mabbin Creek and Grosvenor West projects near Moranbah, its Bluff development west of Gladstone and its Burnett project further south.
The $58 million deal will allow China Kingo Energy Group to own Carabella through its subsidiary Wealth Mining.
It is not the first major foray from the Chinese into Queensland and New South Wales coal markets - Yancoal has three operations in Queensland and six in NSW and a state-owned Chinese firm is its major shareholder.
Carabella's board has backed the agreement unless a richer offer is made.
The deal is on track to be finalised on January 20.