The deal, announced last year, was completed on Monday.

In a filing made with the US Securities and Exchange Commission, C-C stated the shares were given to PinnOak’s prior owners in place of a deferred payment of $US260 million.

In the transaction C-C obtained PinnOak, which included mines in West Virginia and Alabama, for $450 million in cash and closed the agreement in August.

The deal also included C-C’s assumption of $160 million in deferred payment and debt, but C-C said PinnOak’s former owners accepted the accelerated payment last week.

The company’s takeover of PinnOak Resources gives C-C control of 140 million tons of reserves in total. The Pinnacle mine in southern West Virginia boasts the only longwall plow system in the US.

"PinnOak's operations are running substantially below their rated capacity of more than 7 million tons per annum,” officials said at the time of the closure.

“Our goal is to forge sales agreements with new and existing customers for PinnOak's premium product and to increase production accordingly."