The deal was part of the pre-Christmas announcements relating to Macarthur’s takeover bid for Gloucester Coal which is now off the table.

The transaction with the 22.4% Macarthur stakeholder also involves terminating Citic’s marketing rights to China and India.

To go ahead, the Citic transaction needs approval from shareholders of both companies, while minor interests in the Coppabella and Moorvale joint ventures must also waive pre-emptive rights.

Macarthur shares closed down 15c to $13.35 yesterday.