Mitsui Matsushima to help with NSW coal project

Japan’s Mitsui Matsushima Co has agreed to help fund a coal project being developed by NuCoal Resources Ltd in Australia, effectively valuing the project at A$360 million (US$381 million), the Australian firm said on Monday.

The deal comes only a week after a Singapore-based firm offered to buy out an Australian resources fund, illustrating that some Asian companies are trying to take advantage of a downturn in Australian mining as sliding commodities prices and soaring costs have dented project valuations and share prices.

via Business feed http://www.scmp.com/business/companies/article/1038973/mitsui-matsushima-help-nsw-coal-project