Wesfarmers agrees to sell Curragh coal mine

Company News

by Jessica Ellerm

Wesfarmers Limited (ASX:WES) has announced it has agreed to sell its Curragh coal mine in Queensland to US based Coronado Coal Group for $700 million.

The agreement also includes a value share mechanism linked to future metallurgic coal prices.

Wesfarmers has indicated it expects to report a post-tax profit on the deal of approximately $100 million.

The sale is subject to a number of conditions including obtaining approval from the Foreign Investment Review Board.

Shares in Wesfarmers Limited (ASX:WES) are trading 0.43 per cent lower at $44.46.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.