Currently negotiating with several coal producers in Indonesia, both the firms and have entered into a co-operative agreement to reflect the new joint venture.
Through private placement, Waratah secured firm commitments to sophisticated investors earlier this month to raise $1.08m through the issue of 36 million new shares at $0.03 per share, according to Proactive Investors Australia.
Currently, Waratah is focusing on the Youkou iron ore project in Gabon, Central Africa, and the Okanabora direct shipping ore iron project in the Republic of Congo.
Marylebone has developed relationships with global coal and iron ore end users in China and India.
