The move is a natural extension in CITIC’s 10-year relationship with Macarthur, both as a major shareholder and as a joint venture partner in the Coppabella and Moorvale mines and various exploration and development projects in the Bowen Basin.

“We share a long-term vision for Macarthur Coal to become Australia’s leading independent coal company and we share the same optimism and confidence in the company’s ability to deliver on its growth plans to fulfil this vision,” Talbot said.

Last week, Macarthur announced that Talbot, who is currently facing 35 corruption charges, will not resume his executive role with the company, with current chief Nicole Hollows taking the reigns as managing director.

"He built Macarthur Coal into the successful business it is today and, although he will not be resuming executive duties, the board is delighted that the company will still have access to his experience and expertise through his role as a non-executive director," Macarthur chairman Keith De Lacy said.