Wesfarmers gets nice little profit from mine sale

SALE of Curragh coal mine adds millions to company's bottom line

Wesfarmers Curragh. Photo Meghan Kidd / CQ News. Picture: Meghan Kidd

WESFARMERS has revealed to shareholders that it expects a $110 million post-tax profit from the sale of its Curragh coal mine in the Bowen Basin.

A post-tax profit on sale of approximately $110 million, subject to finalisation, will be included in Wesfarmers' 2018 full-year results, the company said in a statement.

Wesfarmers purchased the coal mine in 2000.

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That company announced late last year it has sold the mine to Coronado Coal Group, a US metallurgical coal business, for $700 million.

Under the condition of the sale, Coronado will pay Wesfarmers 25 per cent of Curragh's export coal revenue generated above the coal price1 of $US145 per tonne for two years.

Originally published as Wesfarmers gets nice little profit from mine sale