AAP reported that Chinese state owned Beijing Guoli Energy Investment is to take USD 20 million stake in Queensland based Cuesta Coal ahead of its listing this year.

The Queensland coal hopeful has a portfolio of 33 exploration permits across the Bowen, Clarence Moreton, Galilee and Surat basins that are mostly prospective for thermal coal.

Cuesta Coal plans to list on the Australian Securities Exchange in the Q1 of 2012. Beijing Guoli, a power utility will invest USD 5 million at 25 cents a share with a further subscription of USD 15 million at the initial public offer price.

Mr Matthew Crawford MD of Cuesta Coal said that the Chinese investment was a significant step forward for Cuesta's listing although regulatory approval from China was still needed for Beijing Guoli.

(Sourced from AAP)