New Emerald Coal has no open cost for the acquisition, which also includes the mining tenure, on-site assets and infrastructure while the transaction is due to complete within six months.
Following re-opening, the mine is expected to create over 100 jobs at the mine site near Clermont in Centeral Queensland.
Linc Energy coal president Michael Mapp said the acquisition is expected to deliver production capacity to New Emerald Coal, as Linc Energy strengthens its coal asset portfolio.
"New Emerald Coal will re-open the mine once the tenure has been transferred, creating over 100 jobs at the mine site near Clermont in Central Queensland," Mapp added.
New Emerald Coal focuses on its Teresa coal project in the Bowen Basin, Australia and other early stage coal exploration and development tenure in Queensland.
"This enhances the value of New Emerald Coal and will deliver maximum value to Linc Energy shareholders as we continue towards the planned divestment of this non-core division." Mapp continued.
Located 24 km north-west of the town of Clermont in the Bowen Basin region of central Queensland, Blair Athol mine was ceased by Rio Tinto in November 2012 following 30 years of operation.
BACJV is a joint venture between Rio Tinto Coal Australia, Leichardt Coal, J-Power and JCD Australia.
