The company is awaiting a report on the Independent Commission Against Corruption’s Operation Acacia this month that will provide the government with recommendations over what it should do over the Doyles Creek lease.

A company spokesman told ILN:“NuCoal will continue to act in the interests of its shareholders and protect the value of their investment in any manner that is appropriate.

“NuCoal has retained lawyers leading up to and during Operation Acacia, and will continue to seek advice in the interests of NuCoal and its shareholders.”

ICAC was responding to allegations to the corruption watchdog that a mine training school project at Doyles Creek was a pretext to gain approval by then minister for resources Ian Macdonald.

The training school was proposed by former Construction Forestry Mining and Energy union leader John Maitland, who made a windfall profit of $15 million when the project was sold to NuCoal in February 2010.

In a letter to shareholders yesterday, NuCoal said it was formed to explore and develop the Doyles Creek project for the “benefit of its shareholders, the state of NSW and many other stakeholders”.

“NuCoal became involved with EL 7270 in February 2010 when it paid $94m to purchase all of the shares in DCM. NuCoal was not involved in the grant of EL 7270 in 2008, or in the lead up to that grant during 2007-08.

“EL 7270 was the principal asset of DCM and was clearly the reason for NuCoal purchasing DCM’s shares.

“NuCoal cannot be regarded, practically or morally, as anything other than a bona fide third-party purchaser for value without notice.”

NuCoal performed relevant due diligence when it purchased DCM, the company said.

“Legal advice was that EL 7270 was granted within the powers of the relevant minister of the properly constituted government of NSW.”