Australia-based metallurgical coal producer Cockatoo Coal has gained full control of Blackwood with the purchase of remaining shares it did not own.

As part of the final tranche consideration, the company issued 31,062,662 ordinary shares. In February 2014, Cockatoo Coal bought 90.02% stake in Blackwood.

Earlier, the company said that the acquisition will provide it with a platform to maximise operating and financial synergies across the combined entity as well as optimise development of the overall project portfolio.

Cockatoo Coal managing director Andrew Lawson said, "I believe that our combined Company is well positioned to continue the expansion of our current Baralaba mine on time and on budget, and to rationalise and realise value from our extensive portfolio of additional assets."

Blackwood is an energy and resources firm with primary focus on exploration and development of coal projects in Queensland. The company has tenure of around 6,000km2 in coal basins such as the Bowen Basin, Galilee Basin, Surat Basin and Clarence-Moreton Basin.