British magnate Sanjeev Gupta owns the mine and the Whyalla steelworks in South Australia through his company GFG Alliance.

GFC Alliance was facing the possibility of creditors taking control following the collapse of Greensill Capital - a major lender to the company.

Read more: Tahmoor coal mine facing possibility of liquidation

Mr Gupta has since stated he had secured a financial lifeline that would save the Australian operations.

Australian Workers' Union National Secretary Daniel Walton said he understood these deals to save Tahmoor and Whyalla were moving forward, "which comes as little surprise because the fundamentals of these operations are strong".

"I know from talking to our counterparts overseas that the Australian operations are, thankfully for us, in a very different position to operations elsewhere," Mr Walton said.

"Obviously, the uncertainty of this situation is stressful for our members and their communities, but I think all can take heart from the strong underlying performance and positive prospects of both businesses.

"The simple fact is Australia needs these operations to continue because they are critical to our sovereign capability."

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