Speaking to The Australian, Tinkler said he hoped to have the currently mothballed mine up and running again before the end of the year.
The report comes as welcome news to the Queensland mining sector, an industry that has been suffering from several mine closures and thousands of job cuts in recent years.
The Tinkler-owned Bentley Resources bought the thermal coal mine for $70 million in cash and assumption of some liabilities including rail and port obligations.
Peabody has had the mine on the market for almost two years, and officially closed the mine in December of last year.
It would seem Tinkler got the mine for a song, much less than the $500 million price tag originally touted when the mine first went on the market.