Bens Creek PLC was in demand as major shareholder MBU almost halved its holding, selling the stake to Singapore-based commodity trader Avani.
Avani paid 18p a share for its 29.9% holding, a slight discount to the market’s 20p, up 6.7% today.
Following the sale, MBU and its associates own 32.7% of Bens Creek.
Adam Wilson, the miner’s chief executive, said it was a boost for Bens Creek as Avani specialises in selling coking coal to Chinese and Indian steel mills sourced globally.
“It is confirmation of the appeal of the Bens Creek coal brand and testament to the underlying quality of our product,” he added.
Shares rose 1.25p to 20p.