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The placement involves the issue of 70 million new shares in Eastern at an issue price of 6c per share. The shares were bought by AMP Capital Investors on behalf of its clients.

During 2005, Eastern established a coal asset base in Queensland’s Bowen Basin – with the acquisition by Mitsui of a joint venture interest in Eastern’s Broughton project – and in New Zealand’s South Island, with the purchase by Eastern of the operating Cascade coal mine.

Eastern said it planned to aggressively develop its existing projects and pursue new opportunities in the coal sector.