Cockatoo said the shares have been allotted to SK Australia, but are also subject to a voluntary escrow restriction for a period of 12 months.

The deal funded Cockatoo’s purchase of Peabody Pacific’s controlling interest in the Baralaba coal mine in Queensland for $A52.5 million, announced in November last year.

Both Cockatoo and SK Australia have formed a joint venture to manage the sale and marketing of all existing and future coal production from Cockatoo.