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The Xinwen Mining Group of China has entered into an agreement to purchase Linc’s Emerald Teresa coal permits.
The deal is due to close in early October after due diligence is carried out and state and federal approvals for the deal are granted.
Linc is known for its work towards process technologies Underground Coal Gasification (UCG) and Coal To Liquids (CTL).
Government approvals are expected to take 45 days.
Linc managing director Peter Bond said the billion-dollar Emerald sale was a “magnificent outcome” for the company.
“This deal effectively underwrites Linc Energy’s GTL commercial aspirations over the coming years,” Bond said.
Xinwen Mining Group produces over 35 million tonnes of coal a year.
Xinwen’s move follows that of China’s biggest coal producer, Shenhua Energy, which last month won a $300 million coal exploration licence in Gunnedah, New South Wales in a bid to secure energy sources for its hungry nation.
