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Wesfarmers Ltd announce sale conditions have been met for the Curragh mine

Wesfarmers Ltd (ASX: WES) announced on 22 December 2017 that it will sell the Curragh coal mine to Coronado Coal Group for $700 million. The agreement includes a value share mechanism linked to future metallurgical coal prices.

Today, Wesfarmers announced that all the conditions for the sale have been met. Managing Director Rob Scott said the completion of the transaction is expected in late March.

“With completion now imminent, I again thank the Curragh team for their commitment over nearly two decades of Wesfarmers’ ownership of the mine, and in particular Craig McCabe and his team for their focus and support during the sale process” Mr Scott said.

“The sale delivers value to our shareholders while giving the employees and customers of Curragh the opportunity to work with a leading coal producer with ambitions to expand in Australia.”

Wesfarmers is also divesting supermarket giant Coles, management hope to have completed this by early 2019.

The Wesfarmers share price is down 0.35% so far today.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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