Rinehart to profit on coal discovery in eastern Australia

The Australian reports billionaire miner Gina Rinehart will likely be cashing in once again as a result of International Coal's (ASX: ICX) discovery Wednesday of an extremely high-quality coal deposit north of Brisbane.

International Coal — a listed joint venture in partnership with Rinehart's company Queensland Coal Investments — struck a deal last year to explore the Maryborough Basin in Bundaberg on the east coast of the continent. The drilling results so far indicate a seldom-seen grade of coking coal.

Rinehart's iron ore company, Hancock Prospecting, has entered joint ventures with three Queensland coal explorers and is reported to be negotiating further deals.

Even with the preliminary good news, International Coal shares fell by 1.5 cents to close at 18 cents on Wednesday.

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