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Peabody sells majority of Burton mine

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World Coal,


Peabody has entered into an agreement to sell the majority of its Burton mine and related infrastructure to the Lenton Joint Venture for approximately US$11 million.

The Lenton Joint Venture will assume the reclamation obligations associated with the assets being acquired by the Lenton Joint Venture, reducing Peabody's asset retirement obligation by approximately US$53 million while also releasing an estimated US$30 million of restricted cash.

The Burton mine, located in Queensland's Bowen Basin, entered a care, maintenance and rehabilitation phase in December 2016.

  

The transaction is conditional on a number of regulatory and other requirements and completion is expected to take place in the first half of 2018.

  

The Lenton Joint Venture, of which New Hope Coal is a 90% participant, controls mining tenements that adjoin the Burton mine.

Read the article online at: https://www.worldcoal.com/mining/06092017/peabody-sells-majority-of-burton-mine/

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