Under the agreement, China Coal Import and Export Company (CCIEC) has acquired a 51 per cent interest in the coal company’s coal exploration permit in Queensland’s Surat Basin.

China Coal has committed $30 million towards exploring and evaluating the area’s potential for future commercialisation options.

Law firm Hopgood Ganim has advised MetroCoal since its incorporation, including on its IPO and ASX listing.

According to Hopgood Ganim partner Michael Hansel, who led the HopgoodGanim team advising on the transaction, the joint venture is a significant milestone for MetroCoal.

“It’s a testament to MetroCoal, its executive team and its suite of coal tenements that it has attracted and formed an alliance with China Coal, a significant player in world coal production that produces over 100 million tonnes of coal a year.”

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“MetroCoal has always said that forming strategic alliances would be key for the company and its tenement development … This agreement should expedite MetroCoal’s exploration programme and will go a long way to helping the company meet its exploration target of between 2.5 and 3.5 billion tonnes.”