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The purchase by Anglo and Mitsui is subject to approvals and is expected to be completed by June 2007.
Sydney-based coal investment company DJB Coal owns the remaining 10% of both coal interests.
The acquisition of Collingwood and Ownaview by Anglo and Mitsui will add to their presence in the Surat Basin, where they already hold the Taroom coal deposit in the same area.
“With the potential cost of continued evaluation as well as the time and cost to progress these two coal deposits to development, we considered the sale of the projects to be in the best interest of shareholders," Sennen president and CEO Ian Rozier said.
Collingwood contains a measured resource of 85 million tonnes and an indicated resource of 30Mt of opencut coal, consisting of high volatile, low sulfur thermal coal which could be marketed locally as raw coal, or easily beneficiated to a low ash export product.
Ownaview contains a measured resource of 172Mt of recoverable high volatile, low sulfur thermal coal with the average thickness of workable coal ranging from 4m to 8m. One area in the central part of the deposit contains over 50Mt and an average seam thickness of 7.1m.
The coal has low sulfur content in the order of 0.4% and high ash fusion temperatures which enhance its attractiveness to the market.
