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Analysts are cautious of upgrading Macarthur Coal’s (ASX:MCG) ratings following the announcement that the Queensland miner would be developing the Codrilla open cut coal mine.
Some analysts have told media that a weakness in Japanese coking coal demand won’t help the company.
Last week it was announced that CITIC Group, which is Macarthur’s joint venture partner on the Codrilla project, will pick up an extra 13.76 per cent stake in the project.
Macarthur Coal (ASX:MCG) reported a profit of $141.2 million in the second half of last year.
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