Peabody will sell its Helensburgh mine in a $200 million dollar deal, which is expected to be completed next year.
The announcement has been made to the stock exchange this morning with South32 CEO Graham Kerr saying the Helensburgh site is a natural fit with their portfolio. “The mine’s recently upgraded infrastructure and close proximity to Illawarra Metallurgical Coal will enable us to further optimise performance and unlock unique blending and resource synergies.
“We look forward to the metropolitan team joining South 32.”
About 250 people are employed at the Helensburgh mine.
The Australian reported in August Peabody was preparing for the sale as it’s US parent company wrestles with Chapter 11 bankruptcy.
The deal requires the approval of the Australian Competition and Consumer Commission.