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