It has been reported that Korean Electric Power Corp. (Kepco) will acquire the coal deposits situated in Bylong following the signing of a $403 million agreement.

The Anglo American had a project of selling their Australian coal deposits to prospective buyers. Now, it is selling the coal deposits at Bylong under this project only.

It has also been informed that the other prospective buyers in the list include POSCO and Queensland Miner. The Anglo American has a business worth of $580 million.

The Korean Electric Power Corp., also known as Kepco, said that they have planned to purchase the coal deposits for generating power. These coal deposits are rich in thermal gas and it is extorted from underground.

The Kepco will start working on these mines after 2015 and it is expected that the mines will result in a total output of around 7.5 million tones every year.

"Our coal self-sufficiency ratio will rise to 24% from 12% as a result of the deal, which also puts us into supplier status”, said Kepco.

In another deal, POSCO, which is the Principal Manufacturer of Steel in Korea, will obtain the Sutton Forest of Anglo American. Cockatoo Coal will be the partner of POSCO in the deal.

The Sutton Forest is located in the New South Wales and can be used for making steel as well as for extracting thermal power.

A $105 million deal has also been signed between Cockatoo and Anglo American under which Cockatoo will acquire two mines separately.