In addition to the buy-in price, the Japanese trading firm will also give more than A$70 million toward mine development. Itochu has also secured exclusive negotiation rights lasting six months to buy an additional 10% stake. The Maules Creek coal mine holds an estimated 320 million metric tons (mt) of marketable reserves, the seventh-largest in Australia. The reserves consist roughly equally of metallurgical coal and thermal coal. The mine is expected to begin full-scale production at 10 million mtpy in 2014.
