ANGLO American has completed the sale of Hunter Valley mine Dartbrook on Monday.
Australian Pacific Coal acquired the mine, with chief executive John Robinson announcing to the stock exchange that the purchase ushered in “an exciting time and a new era for the company.”
“Work commenced earlier this year…into the open cut potential at Dartbrook,” he said.
“The pre-feasibility study is exploring the potential for part of the coal resource to be mined by modern, low-impact technologies not seen in the Hunter Valley previously.”
The study is due for completion this year.
Anglo American announced on Christmas Eve 2015 it had agreed to sell its 83.33 per cent interest in Dartbrook to the company during former Hunter coal baron Nathan Tinkler’s tenure as Australian Pacific Coal’s managing director and chief executive.
Fairfax Media reported at the time the deal would be for up to $50 million, starting with an up-front payment of $25 million in cash, before Anglo received perpetual royalties of $3 a tonne.
The seller would also receive a smaller slice of coal from elsewhere that was processed in Dartbrook’s washery.
Australian Pacific Coal received an extra three months to clinch the deal earlier this year.