Wesfarmers (ASX:WES) has today announced it will sell its 40 per cent interest in the Bengalla joint venture thermal coal mine project to partner New Hope Corporation (ASX:NHC) for $860 million.
Wesfarmers says it will continue to benefit from earnings and cashflow generated from its interest in Bengalla until completion of the transaction.
The deal is expected to complete in the fourth quarter of 2018 and Wesfarmers expects to report a pre-tax profit on sale of around $670 million to $680 million subject to completion adjustments.
The Bengalla mine supplies domestic and export markets with thermal coal from its open cut mining operation south west of Musswellbrook in the Hunter Valley region of New South Wales.
Shares in Wesfarmers (ASX:WES) closed 0.20 per cent higher to $49.94