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The joint venture concerns Waratah’s and MCC’s current joint negotiations with “several” coal producers in Indonesia, Waratah said on Friday February 14.

Neither company could be reached to provide further details at the time of publication.

Mining and investment-focused MCC was founded in 2012. Its partners – Simon Butler, Andrew Murray, Shane Lee and Brett Lee – “have collectively built deep relationships with global coal and iron ore end-users, specifically in China and India”.

Waratah is currently developing the Mekambo-Est iron ore asset in Gabon, which holds 42.92 million tonnes of maiden inferred JORC resources at 33% Fe.