Wesfarmers Limited
(ASX:WES) has sold its Premier Coal subsidiary to Austar Coal, which is a subsidiary of Chinese-owned Yanzhou Coal, for $269.8 million.
The Premier Coal mine produces about 3.5 million tonnes of thermal coal a year and is the supplier for Western Australia's state-owned power generator Verve Energy.
Wesfarmers said the sale is subject to a number of conditions, including approvals from the Australian Foreign Investment Review Board and Chinese government authorities.
Wesfarmers will recognise a pre-tax profit of about $90 million on the sale.
Wesfarmers Limited
(ASX:WES) reported a net profit of $1.9 billion for the six months to June this year.
