COCKATOO COAL said having foreign shareholders was the "norm" in the coal industry as it sought to clarify that it wasn't Korean owned, as was widely reported over the weekend.

Korean steel manufacturer POSCO is the Australian company's largest shareholder with 13.3 per cent. It is also contributing 70 per cent of the financing for its joint venture in the Highlands with Cockatoo, Hume Coal.

"We are listed on the ASX and trade as a public company so we're owned by a variety of shareholders including four Korean groups which own 28 per cent altogether," the spokesman said.

"These groups are not associated (they would have to declare it under Australian law) and we have strategic shareholders from other regions including Japan."

SK Australia, a subsidiary of SK Energy, owns 5.5 per cent, while KEPCO owns 5 per cent and KORES 4.1 per cent.

Hume Coal has permission to drill 120 exploration holes across a 115km2 lease covering Sutton Forest. It has completed four of the 30 drill holes it started in Belanglo State Forest in May.

Government inspectors have signed off on the "quality of the work" being done at Belanglo, Cockatoo said.

It hasn't confirmed any private land access agreements as yet.

Cockatoo also said a $12.65 million loss in the second half of last year hadn't affected its Hume project.

"Cockatoo operates one small mine which was flooded (in Queensland) and is also spending money on other exploration projects so it's not unexpected to record a loss," a spokesman said.