Itochu Buys Aston Resources Maules Creek Stake For A$345 Million

Coal developer Aston Resources Ltd. (AZT.AU) sold a 15% stake in its Maules Creek mine to Japanese commodity trader Itochu Corp. (8001.TO) for A$345 million, the miner said Wednesday.

The deal values the mine, which mining entrepreneur Nathan Tinkler bought from Rio Tinto Plc (RIO) subsidiary Coal & Allied Industries Ltd. (CNA.AU) in November 2009 for A$480 million, at A$2.3 billion.

Aston, whose only major asset is the coking and thermal coal mine in the Gunnedah Basin of northern New South Wales state, floated for A$1.3 billion in August this year.

The company said the money would be payable in one block upon completion of the deal and would allow Itochu to act as exclusive marketing agent for Maules Creek coal into Japan with an option to purchase 15% of the mine's production every year.

The companies also agreed to extend an exclusivity agreement allowing Itochu to purchase a further 10% stake in the mine, while Itochu promised to help raise money for the project.

"Itochu will use reasonable endeavours to procure that the Japan Bank for International Cooperation provides financing to Aston Resources and the Maules Creek Coal Joint Venture on terms reasonably acceptable to Aston Resources," Aston said in a statement.

-By David Fickling, Dow Jones Newswires; [phone]; [e-mail]