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Gloucester Coal Ltd (ASX:GCL) shareholders have agreed for the coal company to proceed with its acquisition of Noble Group's stake in the Middlemount coal mine in Queensland.

In August Gloucester Coal announced its intention to acquire Singapore's Noble Group's interest in the Middlemount joint venture, funded by an underwritten equity raising of $410 million.

Gloucester Coal has since entered an agreement with Noble, its largest shareholder, to purchase a 27.52 per cent stake in the coal mine for $269.5 million.

Currently Macarthur Coal Ltd has a 72.48 per cent stake in the Middlemount mine, and Gloucester Coal also has an option to purchase 20 per cent of this stake for $100 million, which would boost Gloucester Coal's ownership to just over 50 per cent.

Chairman James McKenzie says the acquisition marks a significant step forward in Gloucester Coal's strategy to grow the business outside the Gloucester Basin to become a major Australian independent, diversified coal producer.

Gloucester Coal's full year profit dropped to $32.73 million in fiscal 2010, from $81.74 million the year before.