KORES to sell off W150b stake in Australian mines

[THE INVESTOR] Korea Resources Corp. is putting its stake in three soft coal mines in Australia for sale, the book value of which exceeds 150 billion won (US$133.93 million), according to Korea Economic Daily on Aug. 30.

KORES has posted requests for proposal to select a sales manager and plans to accept letters of intent by Sept. 21. The preferred bidder will be announced on Oct. 5 and the sale will be completed by the end of 2017.

The public enterprise owns 25 percent stake in Springvale coal mine, 4 percent stake in Mulaven, and 2.5 percent stake in Narrabri.

KORES acquired the Springvale coal mine stake in 2002 and as of last year, the book value was 105.9 billion won. It acquired Mulaven stake in 2008 worth 26.3 billion won and Narrabri stake in 2009.

By Hwang You-mee (glamazon@heraldcorp.com)