Linc Energy sells coal mine interest to Adani Group for $145 million

Written by Reuters | Singapore | Updated: Aug 28 2014, 15:12pm hrs
AdaniAdani Group had bought the mine itself from Linc Energy for A$500 million in August 2010. (Reuters photo)
Singapore listed Linc Energy Ltd said today that it is to sell its revenue rights in the Carmichael Coal tenement to India's Adani Group for A$155 million ($145 million).

Linc Energy's royalty had entitled it to A$2 per tonne of coal, indexed to inflation, over the first 20 years of the production at the mine, which is in Northeastern Australia.

Adani Group had bought the mine itself from Linc Energy for A$500 million in August 2010.

Linc Energy said this is the first of a number of transactions it is planning to take in the short-to-medium term to sell off non-core assets.

Adani Group is controlled by Indian conglomerate Adani Enterprises.