DAEWOO International will set up an affiliate in Australia this year to buy a 5% stake in a bituminous coal mine.
The company says the new entity, named Daewoo International Australia Holdings, will invest in the Narrabri coal mine owned by Australian mining company Whitehaven Coal.
The new entity will be wholly owned by Daewoo International with A$111.4 million in capital.
The two Korean companies will be supplied with 1.5 million tons of bituminous coal a year, or 25% of the mine's production.
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