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MetroCoal Ltd (ASX:MTE) has been given the thumbs up from Chinese authorities to proceed with its $30 million joint venture with China Coal Import and Export Company.
The project is located in Queensland’s Surat Basin and will see China Coal acquire a 51 per cent stake in the Columboola coal project.
MetroCoal advises the approval from The State Administration of Foreign Exchange is one of the last required.
CEO Mike O'Brian says as soon as the funds are received, exploration will start.
MetroCoal reported a profit of $1.19 million for the half year to 31 December 2009.