Rio subsidiary Queensland Coal Limited has made an offer to Eastern Corporation to purchase its 90% share in Broughton Coal for $A10 million.
Eastern Corporation announced yesterday it had accepted the offer and had received a deposit for the sale.
Broughton Coal Mining holds 90% of the Broughton Coal Joint Venture, with Mitsui Coal Holdings holding the remaining 10%.
Earlier this year Rio Tinto Coal pulled out of a similar memorandum of understanding to buy 90% of Eastern Corporation's Broughton project at the same price.
Broughton Coal owns a tenement adjacent to Rio Tinto's Hail Creek mine.
The transaction is expected to be completed by December 2008.
