A subsidary company of Peabody Energy, the largest private sector coal company in the world, has announced it is selling its Metropolitan coal mine at Helensburgh near Woollongong to South 32.
The sale of the mine includes a 16.7 per cent interest in the Port Kembla Coal Terminal for $200 million.
The company said if the deal was approved by the Australian Competition and Consumer Commission, it would release them from $20 million in financial assurances, according to ABC News.
“This sale supports our actions to strengthen the Australian portfolio, which remains core to peabody, and is consistent with the strategy outlined in our business plan,” Peabody predisent glenn Kellow said.
Peabody has been under considerable financial pressure in the United States after posting a $2.7 billion loss in 2015 and filing for bankruptcy protection in April this year.
The Australian subsidiary owns nine mine sites in NSW and Queensland.