Out of the total payment, the first tranche of $435m is expected to be paid in the next few days and the rest of the payment will be made over the next few months, The Economic Times reported citing sources close to the development.
As per media reports, the coal mine is expected to have reserves of seven to eight billion tonnes. The acquisition is expected to be made through Adani Enterprises’ Singapore-based subsidiary, Adani Global. Adani Enterprises aims to produce over 50 million tonnes of coal in the next three to four years.
Linc Energy said it is in talks with several parties in relation to the sale of its non-core Queensland coal tenements. It has not concluded any binding contract or finalized any material terms with any party.