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Wesfarmers says A$700m Curragh sale nearing completion

26th March 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Wesfarmers on Monday reported that all conditions precedent for the A$700-million sale of its Curragh coal mine, in Queensland, had been met, clearing the way for the transaction to be completed this week.

Wesfarmers in December struck a deal with US coal producer Coronado Coal Group to divest of its mine. The transaction also included a value share mechanism linked to future metallurgical coal prices.

“The sale delivers value to our shareholders while giving the employees and customers of Curragh the opportunity to work with a leading coal producer with ambitions to expand into Australia,” Wesfarmers MD Rob Scott said.

Curragh is one of the world’s largest metallurgical coal mines, with baseline production of 8.5-million tonnes a year of export metallurgical coal and 3.5-million tonnes a year of steaming coal, which is sold to the Queensland government’s Stanwell Corporation.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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