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

Wesfarmers gets nice little profit from mine sale

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.

RELATED STORY: US coal giant snaps up Bowen Basin mine for $700M

>> CLICK HERE TO GET THE LATEST NEWS ON BOWEN BASIN DELIVERED TO YOUR EMAIL

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.


Miner recalls ‘brief few seconds’ of near-death experience

Premium Content Miner recalls ‘brief few seconds’ of near-death experience

Crash victim speaks out to save the lives of others

Emerald business donates more than $45k to CQ hospitals

Premium Content Emerald business donates more than $45k to CQ hospitals

‘As a business we rely on the community around us and therefore to give back feels...

CQ cricket feast: Three days, 40 teams, seven venues

Premium Content CQ cricket feast: Three days, 40 teams, seven venues

‘We’ve had an awesome response’: Stage set for Frenchville Sports Club Country...