Linc Energy (ASX: LNC) is developing underground coal gasification and gas to liquids projects in Australia, China and the United States along with conventional oil and gas operations in Australia and the U.S.
Linc looks likely to seek a stock exchange listing in Singapore, believing overseas investors will better value the company's assets.
While the Blair Athol Mine ceased operations in November 2012, Linc’s wholly-owned subsidiary New Emerald Coal expects mining to recommence shortly after the acquisition becomes unconditional within six month.
It seeks to produce up to 3 million tonnes of thermal coal a year.
Under the agreement, the BACJV will make a contribution to New Emerald Coal towards the current anticipated statutory site rehabilitation obligations, commencing in 2016 and ending in 2019.
There is provision for commercial agreements to be put in place that give New Emerald Coal access to train-loading capacity, workforce accommodation and port and rail capacity to Abbot Point.
Rio closed the Blair Athol operation in Queensland in November after it decided not to extend its mining life.
The mine produced coal since 1984 and has at least 10 million tonnes of coal left.
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