Wesfarmers says it expects to book $90 million pre-tax profit on the sale of its Premier Coal business to Chinese-owned Yancoal, after the deal was given regulatory approval on Friday.
The diversified Perth-based company announced the sale of the asset, in Western Australia's South West region in September for a sale price of $296.8 million.
The deal needed approval from Australia's Foreign Investment Review Board and Chinese government authorities, which has now been received, Wesfarmers said in a statement on Friday.
The transaction trims Wesfarmers' coal business to two mines, the Curragh metallurgical and thermal coal project in Queensland and the Bengalla thermal coal operation in NSW.
9 News
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