Caledon, which was already listed on London’s AIM, announced plans to list on the Australian Securities Exchange in February.

Funds for the final payment were generated from the placement of 6.36 million ordinary shares with Australian institutions, announced April 24, 2008.

Minyango is a coking and thermal coal deposit in Queensland's Bowen Basin, that has JORC compliant resources in the indicated and inferred categories totalling 240 million tonnes.

Caledon said it is now looking to advance between 40Mt and 60Mt into the measured category with results from its latest drilling program currently being interpreted by independent consultants.

The company said it expects the results of the drilling program to be available by the third quarter of 2008, at which point it will proceed with pre-feasibility and full feasibility studies.

“Payment of this final tranche of the Minyango exploration leases represents the successful completion of yet another milestone in Caledon's corporate strategic plan," managing director Mark Trevan said.

“Caledon now has 100 percent ownership of both the Cook and Minyango leases and sub-leases with a total resource estimate of 416 million tonnes of coking and thermal coal."

In 2007 the Cook mine produced 255,300t. A Magatar continuous mining system installed in January this year is currently in the process of ramping up to produce 100,000t per month.