Wesfarmers Premier sale imminent: reports

AFTER nearly five months on the market, speculation is rising over the possible sale of Wesfarmers’ Premier Coal mine in WA’s South West.
Wesfarmers Premier sale imminent: reports Wesfarmers Premier sale imminent: reports Wesfarmers Premier sale imminent: reports Wesfarmers Premier sale imminent: reports Wesfarmers Premier sale imminent: reports

The Premier mine near Collie.

Lauren Barrett

According to reports in The Australian, shortlisted bidders for the mine are completing due diligence.

Wesfarmers chief executive Richard Goyder told The Australianit was considering the sale after receiving wide interest from potential buyers.

“There is a process underway and we’ll determine what’s the best thing for us once that process has gone a bit further,” Goyder said.

The news report said a decision on the sale would take months.

The Premier Coal mine was put up for sale in March but this is the first report of a possible sale.

A Wesfarmers representative was unable to confirm the report with ILN before deadline.

Meanwhile Wesfarmers’ full-year earnings were buoyed by a strong performance in its resource division, with the sector recording a 124% jump to $369 million in full-year earnings prior to tax.

Wesfarmers attributed an improvement in its resources earnings to higher coal prices, with the Premier Coal mine recording a 37% increase in sales.

Wesfarmers said the figures were impacted by heavy rains and flooding but it was optimistic for the future.

Expansions at the Curragh mine in Queensland and the Bengalla mine in New South Wales are progressing, with an estimated completion time of early next year.

The expansion will see Curragh increase coal production from 6.5Mtpa to 10Mtpa.

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