New Hope Group (ASX:NHC) has advised that its Lenton joint venture entered into an agreement to acquire four mining tenements and its infrastructure for $14 million.
The coal mining and energy company owns 90 per cent of the JV, which inked the agreement to acquire the Burton Coal Mine from Peabdy in central Queensland.
The assets being snapped up were put under care, maintenance and rehabilitation in December 2016.
The acquisition is expected to take place in early 2018.
Shares in New Hope Group (ASX:NHC) are trading 0.15 per cent higher to $1.65