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Wesfarmers looking to offload coal assets

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Wesfarmers, the Australian conglomerate which is the new owner of Homebase, is looking for a buyer for its coal operations.

In a statement, published 16th November, Wesfarmers said: 

"Wesfarmers notes media speculation regarding a potential sale of all or part of its coal assets. Wesfarmers has previously disclosed that it is evaluating all strategic options for the Resources business with a view to maximising shareholder value. Wesfarmers is continuing to consider a broad range of options, from operational to divestment initiatives, including recently seeking expressions of interest from external parties who may want to acquire the coal assets. There is no certainty this process will lead to a transaction and Wesfarmers will update the market further if and when appropriate."

Wesfarmers owns the Curragh coal mine in Queensland and a 40% share of the Bengalla mine in New South Wales.  In its latest financials, Wesfarmers confirmed that a notable drop in coal prices had caused it to write down the value of the Curragh mine by AUS $850m (£512m).  Coal prices have since recovered.

Source : Insight DIY

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16 November 2016

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