Posted in | News | Ferrous Alloys and Metals | Energy | Minerals | Iron and Steel

One of India's Largest Steelmakers Buys Stake in Australian Coal Producer

Aug 16 2007

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Bowen Energy Limited is pleased to announce that it has executed an Investment Agreement (the “Agreement”) with Bhushan Steel Limited (“BSL”) and its subsidiary, Bhushan Steel (Australia) Proprietary Limited.

The Agreement finalises the terms of the Memorandum of Understanding (the “MOU”) as previously announced to the ASX on 15 May 2007.

The Agreement provides an agreed mechanism for Bhushan to invest in the Australian coal industry and gain access to local technical and management expertise, through Bowen Energy. In return, Bowen Energy will gain access to a substantial source of financing for the development of Australian coal projects.

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