Pembroke is an Australian-based company backed by resources and energy-focused global private equity firm Denham Capital.

The Olive Downs Complex comprises Olive Downs South (ODS), Willunga, and Olive Downs North (ODN), with rights to four Exploration Permits for Coal and two Mine Leases(both for ODN).

Pembroke has acquired a 100% interest in ODS and Willunga.

Subject to the approval of the minority partners, the company has agreed to acquire an 87.3% interest in ODN.

The total consideration is $120 million plus an agreed royalty.

"Pembroke will continue to assess other acquisition and development opportunities as it seeks to further build out its portfolio of high quality metallurgical coal assets," it said.