SINGAPORE Aug 28 Singapore-listed Linc Energy
Ltd said on Thursday that it is to sell its revenue
rights in the Carmichael Coal tenement to India's Adani Group
for A$155 million ($145 million).
Linc Energy's royalty had entitled it to A$2 per tonne of
coal, indexed to inflation, over the first 20 years of the
production at the mine, which is in Northeastern Australia.
Adani Group had bought the mine itself from Linc Energy for
A$500 million in August 2010.
Linc Energy said this is the first of a number of
transactions it is planning to take in the short-to-medium term
to sell off non-core assets.
Adani Group is controlled by Indian conglomerate Adani
(1 US dollar = 1.0708 Australian dollar)
(Reporting by Rachel Armstrong; Editing by Edwina Gibbs)