Glennies sold for US$27.5 million

CONSOL Energy this week closed the deal to sell its 50% interest in New South Wales’ Glennies Creek mine to AMCI for US$27.5 million and the assumption of $21.3 million debt.
Glennies sold for US$27.5 million Glennies sold for US$27.5 million Glennies sold for US$27.5 million Glennies sold for US$27.5 million Glennies sold for US$27.5 million

Glennies Creek coal mine

Angie Tomlinson

The prospective sale was previously announced in January and means Consol Energy is now free of all its Australian interests.

CONSOL Energy expects to record in the first quarter a one-time gain of approximately $13 million on the sale.

"Coal and gas fundamentals are as strong as they have been in several years," said Consol CEO Brett Harvey. "As a result, we have a number of attractive coal and gas projects within our core domestic asset base that have greater strategic value to us than Glennies Creek."

Harvey noted that the Glennies Creek operation would require several years of additional investment to reach its full potential. "Given the development requirements for Glennies Creek, this is an excellent time to redeploy shareholder assets to take advantage of immediate opportunities in our core market areas," he said.

topics

loader