The funding milestone was reached last week and announced this morning by Hynes Lawyers, who represent MCG in the transaction.

Hynes lawyer Glenn Vassallo said the deal was a win for all concerned with significant upside.

Macarthur’s interest in acquiring the subsidiary of the mining and construction services company was to get hold of a coal deposit in the Bowen Basin.

MCG previously bought this mining tenement from electricity generator Stanwell Corporation.

At this stage the deposit is plainly called MDL 162, but a Macarthur spokeswoman told ILN the company has plans to name the project soon.

MDL 162 holds 221.7 million tonnes of resources and Macarthur aims to turn the project into an open cut mine with first production after 2014.

The mine is expected to produce both semi-hard coking coal and pulverised coal injection coal, with Macarthur hoping to ramp it up to 6 million tonnes per annum of run of mine output.

The deal propelled MCG entrepreneur Bill McDonald into 10th position in BRW’ Young Rich List this year.