Queensland Premier Peter Beattie said the mine would provide more than 200 jobs in the region, which has been hit hard by recent mine closure announcements.
BHP recently announced the closures of the Kenmare longwall mine and the Laleham bord and pillar mine after taking over joint venture partner QCT Resources.
The Kabgoulu and Ghungalu tribes agreed to terms that will allow the Queensland Government to issue a mining lease to joint venturers Glencore Coal and South Korean and Japanese mining interests.
Beattie said Queensland Government negotiators had played a key role in brokering the agreements with the assistance of the Gurang Land Council and representatives of the two tribes.
The Togara North project would finalise feasibility studies with a view to starting construction as early as next year, depending on price and the development of coal markets, Beattie said.
The $350 million project was expected to produce around 6 million tonnes a year of steaming coal.