Southland receiver, Andrew Love of Ferrier Hodgson, completed the sale 10 weeks after it was first announced in mid-October this year.

“The successful completion of the sale of Southland Colliery is a very positive outcome for the Cessnock community and the Hunter Valley. The result of the sale will hopefully see the mine return to full operation in the near future,” Love said.

International Longwall News previously reported Yanzhou would acquire a new longwall system to be installed at the former Southland mine by mid-2006 and development operations would begin in March next year.

Southland, located near Cessnock in New South Wales Hunter Valley, will also be renamed Austar Coal mine.

Southland was placed into receivership in December last year after a fire at the mine.

Gympie Gold mine, the other main asset of Gympie Gold, was sold in October this year.

Global Resources Asset Exchange acted as advisers to the Receiver in the sale.