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Peabody to sell Australian coal mine

World Coal,

Peabody Energy has announced it has entered into a sale and purchase agreement with Singapore-based Bentley Resources to sell its Wilkie Creek coal mine in Queensland’s Surat Basin.

The sale sees the return of the Australian electrician-turned mining magnate, Nathan Tinkler, who owns Bentley Resources. Tinkler was forced to rapidly liquidate assets last year as coal prices slumped.

Bentley Resources will buy the Wilkie Creek coal mine for US$ 70 million and the assumption of rail and port obligations, as well as other liabilities. Closing of the deal remains subject to certain conditions.

The contractual obligations for the use of rail and port services amount to US$ 34.5 million. A Peabody spokesman also said there would be a further US$ 21.1 million in liabilities for “asset retirement obligations.”

A spokesman for Tinkler said the total purchase price, including all liabilities, would be about AU$ 150 million (US$ 141 million).

Wilkie Creek has been closed since December 2013. 

Edited from various sources by Sam Dodson

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