Cockatoo Coal Limited (ASX:COK) has reached agreement with New Hope’s North Surat Coal Pty Ltd for the sale of its 51 per cent interest in the North Surat Joint Venture.
The coal miner says the $25 million sale of its non-core assets is in line with its strategy of focussing on the expansion of its flagship metallurgical coal mine and Baralaba.
The deal is subject to the company’s investment partner not exercising its pre-emptive rights and relevant government approvals.
The company says despite the sale Cockatoo will maintain a position in the Surat Basin through various wholly owned coal projects.
Cockatoo Coal reported a net loss of $192 million in the 2014 financial year.
