CORPORATE ACTIVITY
US coal major Peabody Energy struck a deal with the Lenton joint venture (JV), in which ASX-listed New Hope Corporation holds a 90% interest, to divest of the majority of its Burton mine, in Queensland, for $11-million.
The Lenton JV will assume the reclamation obligations associated with the assets being acquired by the Lenton JV, reducing Peabody's asset retirement obligation by about $53-million, while also releasing an estimated $30-million of restricted cash.
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