New backers have emerged for Queensland's Callide thermal coal mine

A coast truck in NSW. Ian Waldie/Getty Images

A small private company contracted to buy the Callide thermal coal mine in Queensland from the global giant Anglo American is making progress in gathering financial backers, according to industry sources.

Batchfire Resources Pty Ltd, a private company reported to have only $750,000 in cash, made a deal in January to buy the mine.

A sales price wasn’t disclosed but analysts believe it to be less than $100 million.

Industry sources say Batchfire has since been busy raising funds from backers so it can complete the sale.

One of those is the ATEC Rail Group, an infrastructure company which develops and manages freight for the bulk commodity industries such as coal, the sources say.

ATEC has been contacted for comment.

Anglo American, which is shedding unprofitable mines, confirmed to Business Insider that the sale had not yet been finalised.

The big miner is in the middle of selling its Queensland metallurgical coal assets for about $1.8 billion.

Callide is an open pit thermal coal mine which produced 7.6 million tonnes of coal in 2014 and 5.6 Mt in the first nine months of 2015.

Most of the coal is sold to two nearby power stations under long-term contracts.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.