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The Queensland miner had previously struck a hard coking coal price of $US280 for the October to December 2011 quarter.
Despite the dip Wesfarmers managing director Stewart Butel said the company was satisfied with the result of its negotiations for the mine.
Butel said approximately 95% of the January to March quarter sales tonnage would be at the new contract price.
Meanwhile, the commissioning of the new coal preparation plant at Curragh has commenced with completion for the project tipped for the end of March 2012.
A $A286 million expansion of Curragh is also pinned for completion by the first quarter of 2012.
The expansion will ramp up metallurgical coal production to 8.5 million tonnes per annum.
