August 6, 2018 / 10:38 PM / 4 months ago

Australia's Wesfarmers to sell stake in Bengalla JV for $635 mln

Aug 7 (Reuters) - Australia’s Wesfarmers Ltd said on Tuesday it would sell its 40 percent interest in the Bengalla Joint Venture thermal coal mine project to partner New Hope Corporation Ltd for A$860 million ($635 million).

Wesfarmers said it would continue to benefit from earnings and cash flow generated from its stake in Bengalla until the transaction was completed, which is expected to close in the fourth quarter of 2018, the company said in a statement. ($1 = 1.3541 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Lisa Shumaker)

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