Whitehaven Coal (ASX:WHC) confirmed the receipt of the required regulatory and competition approvals to complete a 30% sell-down of the Blackwater mine, according to a Thursday Australian bourse filing.
It will receive an aggregate cash consideration of $1.08 billion on the completion of the sale of 20% of Blackwater to Nippon Steel and 10% to JFE Steel on March 31.
The firm's chief executive Paul Flynn said it will review Whitehaven's capital allocation framework at the end of fiscal 2025.
The firm's shares rose 9% on market close on Thursday.
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