$334.35 million of this funding was used to acquire a major coal tenement located in Queensland's Bowen Basin, while the remaining funding will be utilised to finance exploration work and a feasibility study for the mine.

In exchange for the funding, Macarthur will emerge with a 90 per cent stake in MCGH. MCGH's parent entity will hold the remaining 10 per cent interest and be offered a seat on the board of MCGH.

Hynes Lawyers' Glenn Vassallo acted for MCGH and said the deal enabled his client to fulfill an eight year corporate vision.