Going once: Blair Athol thermal coal mine sold…for $1

Terracom Limited, through its subsidiary Orion Mining, has proposed a deal to purchase the Blair Athol thermal coal mine from Rio Tinto, for just $1.

The mine, which closed in 2012, will restart operations later this year and bring about 100 new jobs.

Terracom, the Australia based mining company, is anticipating up to two million tonnes of coal annually produced at the mine.

The deal will also include $80 million from the previous owner to meet the mine's rehabilitation liability as determined by the state government.

It also includes the mining lease, licences, lands contracts and all mining plant and equipment, including a dragline.

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