It's more than just an excellent news service.

It's about becoming part of the mining and gas community.

Subscribing to Shift Miner means you can get full access to all our news and special reports, advertise anything you want in the classifieds (print & digital) and browse the jobs board.

So no matter where your job takes you, you're just a click away from the best source of mining information on mobile, in print and online.

DIGITAL SUBSCRIPTION: $4.99 a week
Includes full access to all areas on smartphone*, ipad and online.
*Download the free iphone app from itunes

STILL NOT SURE?
Click here to sign up for our free news headlines service: The WINO (Wednesday’s Industrial News Online)

Email [username]:

Name:

Coupon Code:
Leave blank if you don't have one
Password:

Confirm Password:

Terms and Conditions and Privacy Policy
(L-R) Christie McLaughlin, Robyn Cooper, General Manager and SSE Ian Cooper, nPeter McLaughlin and Josh Merlow Temica  Connell and John Luckel Mark Dellar and fiancé Kayelyn (L-R)Kaitlin Rogers, Breanna Weight, Tanya Olive, Sam Litz and Jennifer Weight (L-R)Geri, Cass and Deb mining Jacob and Melanie Ohl mine (L-R)Sonia and Kristian Pennisi, and Sarah and Scott Anderson Deb and Jeff Tull csg Aboutusgeneric_2 Greg Byrne, Downing; Ian Reed, QNP Aboutusgeneric_1 (L-R)Suzanne Martin, Rita McMenaman, Marcelle Simpson, Production and Maintenance Manageer Mick Jones and Lyndal Polkinghorne
(L-R) Christie McLaughlin, Robyn Cooper, General Manager and SSE Ian Cooper, nPeter McLaughlin and Josh Merlow Temica  Connell and John Luckel Mark Dellar and fiancé Kayelyn (L-R)Kaitlin Rogers, Breanna Weight, Tanya Olive, Sam Litz and Jennifer Weight (L-R)Geri, Cass and Deb mining Jacob and Melanie Ohl mine (L-R)Sonia and Kristian Pennisi, and Sarah and Scott Anderson Deb and Jeff Tull csg Aboutusgeneric_2 Greg Byrne, Downing; Ian Reed, QNP

Peabody offloads mine
Newhope takes a big step toward mining hub in the northern Bowen Basin
Wednesday 06 September 2017  

Peabody Energy has sold the recently mothballed Burton Coal mine North of Nebo to the Newhope Group controlled Lenton Joint Venture for around $14 million.

Following in the footsteps of other recent sales in the Bowen Basin, a large part of the actual cost of buying the mine comes through Newhope taking on significant liabilities associated with the cleanup costs of the mine in the future.

According to Peabody, the sale - if approved -  will reduce their asset retirement obligation by approximately US$53 million while also releasing an estimated $30 million of restricted cash.  

The Burton mine was entered into care and maintenance late in 2016.

The transaction is conditional on some regulatory and other requirements, and completion is expected to take place in the first half of 2018.  

The Lenton Joint Venture controls the New Lenton Project between Hail Creek and the Burton mine. The project has a mining lease with environmental approvals for a 2 million tonne per year open cut coking coal mine.

In 2011, Newhope sold 10% of the project to Formosa Plastics Group a subsidiary company Mai-Lao Power Corporation.

 

Similar Topics