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Gloucester Coal Ltd (ASX:GCL) has today announced its intention to acquire Singapore's Noble Group's interests in the Middlemount joint venture, funded by an underwritten equity raising of $410 million.

The miner has also reported full year net profit after tax of $36.4 million for the year ended 30 June 2010, down from $90.7 million a year ago.

Substantially lower prices for coal accounted for the drop in profit.

CEO Barry Tudor said despite volatility in coal prices, costs were controlled and healthy margins maintained.

Mr Tudor advises that demand for coking coal has increased throughout the year and coal prices have staged a gradual recovery.

Gloucester Coal reported a profit of $81.74 million for the year ended 30 June 2009.