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The payment leaves Forbes Coal with a 100% interest in Slater Coal.
Forbes Coal chief executive officer Stephan Theron said the acquisition added to the company’s list of recent achievements.
“The company has made significant progress in expanding the operations at the Magdalena bituminous and Aviemore anthracite mines over the past 18 months and we are very pleased with our progress to date,” Theron said.
The company has a 70% interest in Zinoju Coal, the owner of the Magdalena and Aviemore mines.
Forbes Coal is aiming to triple production at its two mines in the next three years.
The company produced 187,800 tonnes of total saleable coal production from the Aviemore and Magdalena mines in the third quarter of 2011.
