Norton completes coal asset sale

Norton Gold Fields has completed the sale of its Sienna and Electra coal projects in Queensland to coal magnate Nathan Tinkler's Boardwalk Resources subsidiary, Boardwalk Sienna.

The $30 million sale and purchase agreement was first announced on December 17.

Norton managing director Andre Labuschagne said the company was able to extract significant value from a non-core asset, and now had a 100 per cent focus on gold.

"To ensure an efficient use of Norton's surplus cash, we will use just over $13 million to immediately reduce our debt to approximately $85 million," he said.

At 12:24PM (WST) Norton shares had shed 5.7 per cent, to trade at $0.16.