Wesfarmers takes stock of coal production | Finance News Network

Wesfarmers takes stock of coal production

Company News

by Rachael Jones

Wesfarmers (ASX:WES) have released their quarterly statement showing completion of the sale of its large scale Curragh coal mine in Queensland to major US metallurgical coal producer Coronado Coal Group.

Wesfarmers sold Curragh to Coronado for A$700 million in a deal that includes a value share mechanism linked to future metallurgical coal prices.

Wesfarmers will receive 25 per cent of Curragh's export coal revenue generator above realized metallurgical coal prices of $145/mt, paid quarterly over the next two years.

Meanwhile, Wesfarmers’ share of coal production for the Bengala mine for the quarter, was 808,000 tonnes, that’s 17.9 per cent below the previous quarter as the mine progressed through a less productive area of the mining sequence.

Shares in Wesfarmers (ASX:WES) are up 0.21% to $41.52
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.