The sale of EPC 818, which lies near Rio Tinto’s Hail Creek mine, raised $A8.5 million.
The permit holds a 30 million tonne coal resource contained in two seams, which will be added to Resource Portfolio Partners’ existing interests in coking and thermal coal and uranium.
Eastern will use the funds to buy up the remaining shares of its CSG subsidiary Galilee Energy, with its stakeholding at 98%.
The company will continue to operate its two mines in New Zealand which sell thermal coal to domestic customers in the South Island.
“Eastern also intends to develop the Whareatea West exploration permit, targeting an export coking coal market,” the company said.
Eastern shares closed up 5.5% to 29c yesterday.
