It is reported that the sale of Collie Wesfarmers Premier Coal mine to Chinese-owned Yancoal has been given regulatory approval.

Wesfarmers is expected to get a USD 90 million pre-tax profit on the sale of the business. Wesfarmers announced the sale in September for a price of USD 296.8 million.

The deal needed approval from Australia 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.

(Sourced from www.colliemail.com.au)