Atrum Coal NL (ASX:ATU) has entered a deal to acquire a 26.68% stake in Atlantic Carbon Group, an anthracite mining company which operates in Pennsylvania, USA.
The coal exploration company says that Atlantic Carbon controls an anthracite mine called the Stockton mine, which has an estimated mine life of 10 years.
Atrum says this transaction will provide it with exposure to undersupplied markets in Europe and Asia.
Atrrum is intending to complete the acquisition by late September 2016. However, this is subject to approval by Atrum’s shareholders at an upcoming Extraordinary General Meeting.
Atrum Coal reported a net loss of $5.6 million at 31 December 2015.