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Hunnu Coal states on its website that it was "incorporated in Australia for the purpose of acquiring and developing coal projects in Mongolia." The company states that in Mongolia it "operates through "its subsidiary company Hunnu Resources LLC, a Mongolian incorporated company."
In October 2011, a $477 million takeover of Hunnu Coal by Thai coalminer Banpu Public Company was approved by Australia's Foreign Investment Review Board and the Bank of Thailand. Banpu in March 2011 acquired about 12 per cent of Hunnu, four months after Banpu took over Australian coalminer Centennial Coal for more than $2 billion.
The company states that it has interests in a range of coal exploration projects in Mongolia. These are:
- a 80% interest in the Unst Khudag coal project;
- a 90% interest in the Tsant Uul coal project;
- a 60% interest in the Tenuun-2 coal project;
- a 60% stake in the Buyan coal project;
- a 60% interest in the Tsokhio coal project;
- a 60% interest in the Khuree 2 coal project;
- the Zuun Gol coal project;
- the Tsagaan Delger coal project;
- the Delgereh coal project
- Sukhbaatar coal project