Power giant buys Australian stake

China's largest power generator, China Huaneng Group, bought a 25.5% stake in an Australian thermal coal project for US$22.3m, state media reported. The agreement gives Huaneng half the ownership of Macarthur Coal's 51% stake in the Monto thermal coal project in central Queensland, said company sources. The plan involves an exploration program and a feasibility study for an operation that would process up to 10m tons of coal a year, Huaneng said.