NOBLE INVESTS A$48.5 MILLION IN MONTO COAL 26 February 2008, Hong Kong Noble Group (SGX:NOBL) is pleased to announce that it has signed a Share Sale Agreement under which it will purchase, through its wholly owned subsidiary Paway Limited, a 19.61% interest in the share capital of Monto Coal 2 Pty Ltd, a wholly-owned subsidiary of Macarthur Coal Limited (ASX: MCC). Monto Coal 2 Pty Ltd holds a 51% interest in the Monto Coal Joint Venture which owns the Monto coal project (“Monto Coal Project”).
The consideration is A$48.5 million as announced on 10 December 2007. Located near the town of Monto in Queensland, the Monto Coal Project is in close proximity of port and rail facilities and is one of the few remaining undeveloped significant thermal coal resources in Queensland, Australia. With a bullish view of long term coal prices, increasing industry costs and depletion of similar large scale resources, this proposal represents a sound investment by Noble to secure a long term position in the Queensland thermal coal industry.
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