AUS: Moura Mine Sale Finalised

20 August 1999

RELEASE FROM BHP

The Broken Hill Proprietary Company Limited (BHP) has confirmed the sale of Moura coal mine to the Moura Joint Venture, effective from today. The mine was previously owned by BHP Mitsui Coal Pty. Ltd. (BHP - 80 per cent, Mitsui - 20 per cent). Proceeds from the sale are $89 million.

The new participants and their interests in the Moura Joint Venture are:

- Peabody Resources Limited (55 per cent), which is part of the Peabody Group of USA, the world's largest private sector coal company, and

- Mitsui Coal Holdings Pty Limited (45 per cent), whose parent is Mitsui and Co. Limited, one of the leading Japanese trading houses.

Peabody Resources Limited will manage the mine on behalf of the Joint Venture owners.

Moura is a surface mining operation that utilises dragline and highwall mining methods to produce 4 million tonnes a year of steaming and semi-soft coking coal, most of which is exported to Japan and Korea. The sale includes the coal and seam gas assets of the mine.

Moura Mine is located 180 km west of the port of Gladstone in Queensland.

A key feature of the sale is the commitment by the new owners to retain the existing Moura workforce, which will minimise any disruption to employee arrangements during the handover phase.

© Scoop Media