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SINGAPORE: Commodities firm Noble Group said its Australian subsidiary, Gloucester Coal, has negotiated a new coking coal contract. It did not give any financial details.
Under the contract, Gloucester's coal will be sold for use in an unnamed emerging market in North Asia.
Gloucester said the contracted price for the sale has been agreed at a significant premium to current prices.
It added that the contract in a new market is an important step towards its strategy of expanding its customer base as production increases.
Noble is in the midst of selling its stake in Gloucester to Australia's Macarthur Coal.
- CNA/sc
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