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dragline mine fifo Matilda Walsh enjoying the entertainment at Saturday’s race day. (L-R) Middlemount Race Club Committee President Donald Black, Isaac Regional Mayor Anne Baker and Middlemount Race Club Committee member Bill Gray. Aboutusgeneric_1 Port Nicola Wilson and Charlotte Wilson. (L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. The Paul McGuire Memorial Dachshund Race raised over $4000 for the RACQ Capricorn Rescue Helicopter Service. csg Aboutusgeneric_2 csg mining Best Dressed Gent winner Robin Sellar.
dragline mine fifo Matilda Walsh enjoying the entertainment at Saturday’s race day. (L-R) Middlemount Race Club Committee President Donald Black, Isaac Regional Mayor Anne Baker and Middlemount Race Club Committee member Bill Gray. Aboutusgeneric_1 Port Nicola Wilson and Charlotte Wilson. (L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. The Paul McGuire Memorial Dachshund Race raised over $4000 for the RACQ Capricorn Rescue Helicopter Service. csg Aboutusgeneric_2 csg

Another mine on the market
COMPANY confirms selling flagship mine an option.
Wednesday 16 November 2016  

Wesfarmers has confirmed today that it is exploring all options - including selling - the Curragh mine at Blackwater.

In a short statement the company said, nothing is in concrete, but it is looking at its options.

“Wesfarmers is continuing to consider a broad range of options, from operational to divestment initiatives, including recently seeking expressions of interest from external parties who may want to acquire the coal assets,” they said.

“There is no certainty this process will lead to a transaction and Wesfarmers will update the market further if and when appropriate.”

However, the recent explosion in coal prices has made it increasingly difficult to know whether now is the time to buy or sell a coal mine.

Early this year with metallurgical coal prices below $US90, the conventional wisdom among the risk taking mining entrepreneurs was that now was the cyclical bottom, with corporate sellers keen to do a deal. Today with record coal prices, things have changed.

However, in the case of Wesfarmers, they have forecast that their Curragh mine will only just break even this financial year, despite steelmaking coal prices increasing 300%.

The unusually wet spring and a seven-day shutdown of the CHPP for maintenance work last quarter slashed coking coal production by 24%  meaning around  50% of Curragh’s export metallurgical coal sales for the remainder of this year will be “carryover tonnage” - sold at prices set before the current record highs.

“As a result, the resources business is expected to report a broadly breakeven earnings subject to production, weather events, shipping and currency,” they said.

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