TerraCom Limited (ASX:TER)
has announced it has executed a binding sale and purchase agreement for the Blair Athol coal mine in Queensland.
The mine has been acquired from the Blair Athol Coal Joint Venture, with TerraCom to receive $80 million in funding from the JV to meet mine rehabilitation liabilities.
The acquisition includes the mining lease, land, contracts and all mining plant and equipment.
TerraCom aims to bring the mine back into production as of Q4 of 2016.
TerraCom Limited reported a net loss of $74 million at 31 December 2015.