Coal producer Aston Resources reached a deal with giant Japanese firm Itochu Corporation, allowing the latter to acquire up to 15 percent interest on its Maules Creek project in the northern part of New South Wales.

In a statement released on Wednesday, Aston said that it is set to receive an estimated $345 million as payment for the agreement, which also carries an exclusivity provision that would pave the way for the two entities to discuss another sale deal until June 2011.

Aston said that if prove fruitful, the new round of negotiations next year could lead to the sale of another 10 percent stake of Aston Resources to Itochu Corp.

The deal is subject to the evaluation and approval of the Australian Foreign Investment Review Board.

Aston chief executive Todd Hannigan called the deal as the fusion of the two companies' skills and experience, which he said should prove valuable in the ramp up development of the Maules Creek project.

Hannigan said that with the welcome development, Japan's Itochu Corporation is set to "bring with it an outstanding management team, extensive knowledge and experience of international coal markets and Australian coal joint ventures."

He added that as duly covered by the joint agreement, "the combined skills and experience of Itochu and Aston will be exploited to rapidly develop the world class Maules Creek Project."

As stipulated in the deal, Aston Resources would retain the management responsibilities of the joint undertaking but the partnership's management committee would now comprise of two representatives coming from each entity.

To maximise the coal project's sales prospect in Japan, Itochu Corporation would be tasked to take full responsibility of marketing Maules Creek into its maiden country.