Whitehaven Coal has secured approval to acquire Idemitsu’s 30 per cent stake in the Tarrawonga mine in the Gunnedah Basin in New South Wales.
The joint venture partners announced the deal, which gives Whitehaven total ownership of the coal operation, last November.
Whitehaven had to satisfy several conditions to complete the acquisition, including ministerial consent and approval, which it has now received.
Tarrawonga is expected to produce 2.2Mt of run-of-mill and 2Mt of saleable coal in the 2018 financial year.
The mine, which has an 18-year mine life based on 41Mt of proved and probable reserves, produces a mix of thermal and metallurgical coal.
Whitehaven managing director and chief executive Paul Flynn commented: “the completion of the acquisition further consolidates Whitehaven’s position in the Gunedah Basin, the source of some of the highest quality coal available in the seaborne market.”
The acquisition increases Whitehaven’s equity share in annual saleable coal production by about 0.55Mt/y.