Whitehaven Coal Limited (ASX:WHC) has taken control of the Vickery South Coal Project in a deal worth about $29.6 million.
The coal producing company has bought Japan’s Itochu Corporation’s 29 per cent interest in Vickery South in exchange for 11.47 million Whitehaven shares.
Managing Director Tony Haggarty says the Vickery South is nearby Whitehaven’s existing Vickery Project which provides the company with a strategic opportunity to consolidate the two projects.
Whitehaven’s immediate focus remains on developing its Maules Creek project while the Vickery project forms part of the company’s longer-term growth profile.
Whitehaven Coal posted a net loss of $47 million in the first half of the 2013 financial year.
