SK Group said it would acquire a 40-percent stake in Australian coal producer Cockatoo Coal Ltd. which has a bituminous coal reserve that amounts to 15 times Korea’s annual imports.

SK Networks and other SK affiliates plan to complete the acquisition for at least 380 billion won (about 313 million Australian dollars) within the first half of this year, SK Group said in a press release.

Cockatoo runs coal mines in 13 areas in Queensland and New South Wales, the total reserve of which is estimated at 1.5 billion tons. Korea imports all of its bituminous coal, or about 100 million tons.

SK purchased a 7.42-percent stake in Cockatoo in 2006.

SK Group imports about 2 million tons of coal each year through mining projects in Australia and China.

Cockatoo is expected to produce 3 million tons of soft coal in 2015 and 12 million tons in 2019, SK Group said.

SK and the Australian company have a 50:50 joint venture for coal sales.

“We are achieving significant outcomes of global projects led by SK chairman Chey Tae-won this year, such as the Internet business cooperation with Turkey’s Dogus Grubu, participation in the thermal power plant construction in Turkey and the chemical plant project in China,” said Lee Man-woo, an executive in SK Group’s public relations department.

By Kim So-hyun (sophie@heraldcorp.com)