WHITEHAVEN Coal has taken over full ownership of the Tarrawonga coal mine, after buying out Idemitsu.
The mine was a joint venture by the two companies, however Whitehaven proposed to to buy Idemitsu's 30 per cent stake in November last year – a deal which received Ministerial Consent on Tuesday.
While Whitehaven now controls the whole mine, there will be no change in workforce numbers, as no Idemitsu staff members were located at the site.
Whitehaven’s managing director and CEO Paul Flynn was pleased with the purchase.
“The completion of the acquisition further consolidates Whitehaven’s position in the Gunnedah Basin, the source of some of the highest quality coal available in the seaborne market," Mr Flynn said.
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The acquisition increases Whitehaven’s equity share in annual saleable coal production by about half a megatonne per annum.
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.