OPERATIONS at Wesfarmers Premier Coal will be “business as usual” following the regulatory approval for the sale of the company to Yancoal, according to Premier Coal’s general manager of marketing and development, Bill Moody.
The sale to the Chinese-owned business was given regulatory approval last Friday and settlement is expected by the end of December, Mr Moody said.
Wesfarmers is expected to make a $90 million pre-tax profit on the sale.
The company announced the sale 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 been received.
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.
Mr Moody said the management team anticipated a smooth transfer of ownership with little change, “other than branding, signage and some administrative matters”.
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