Anglo American has announced the sale of a Hunter Valley mine to Australian Pacific Coal Limited.
The Christmas Eve announcement stated Anglo had entered into a Sale and Purchase Agreement with the AQC subsidiary as purchaser to sell its 83.33% interest in the Dartbrook coal mine in the Hunter Valley.
Controversial Hunter businessman Nathan Tinkler was appointed chief executive of Australian Pacific Coal in November.
The agreement includes an upfront cash payment of $25 million, as well as coal royalties.
The transaction is expected to be complete by mid-next year, depending on government consent.
Dartbrook has been in “care and maintenance” since 2006.
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