TERRACOM has locked in the $13.5m it required to secure the lease on a Clermont mine, which could see it soon create up to 600 jobs in the region.
Earlier this year the company, a wholly owned subsidiary of Orion Mining, was granted an indicative approval from the State Government to take on the Blair Athol Coal Mine mining lease from former owner Rio Tinto.
However, it first had to satisfy a number of conditions, which included coming up with $13.5m.
It bought the mine for $1 and received $79.6m from the former owner for the mine's eventual rehabilitation.
While TerraCom had planned on reopening in March, it is now likely to do so once the title transfer has been completed.
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